Running a background check for a sensitive job in an investment bank, government office or large corporation traditionally takes 10 to 15 days. In today's fast-moving world, where a tweet can change everything in a matter of seconds, that's too long. Shlomo Mirvis had been conducting background checks the old fashioned way for Israeli intelligence firm Kela. Mirvis had to do his work manually. "The world of background checks hardly changed in the last 40 years," he tells ISRAEL21c.
To realize that the background check industry needs an overhaul look no further than the backlog of 700,000 background checks faced by the federal agency that handles all background checks for sensitive government positions. This backlog has essentially rendered background checks useless, as many agencies are able to give security clearances on a temporary basis before a background check is even started. Intelligo is an Israeli company trying to make background checks relevant again by using AI and machine learning to not only speed up and automate the process, but also run more thorough checks. Launching out of beta today, the company has raised $6.8M to date – a seed round of $1.1M and a Series A of $5.7M. Currently most serious background checks are done manually.
Background checks have become a staple of modern business, being performed, for example, before firms hire employees, before banks allow accounts to be opened, before investors give their money to businesspeople, and before people rent their resources to others through "sharing economy" type systems. For many years, the process of performing background checks has remained essentially the same, with humans performing analysis of data derived from multiple data sources, be they paper or electronic. Today, however, artificial intelligence (AI) is transforming the background check process - making it faster, more accurate, and more efficient. I recently asked Shlomo Mirvis, CEO of Intelligo, which specializes in background checks and professional due diligence utilizing AI and machine learning, how AI is transforming the background check industry. AI and machine learning enable performing background checks with much greater efficiency than was previously possible, and with much larger dataset coverage.