Compliance and risk management startup Datricks on Wednesday announced raising $15 million in a Series A funding round that brings the total raised by the company to over $21 million.
The new funding round was led by Team8’s venture capital arm, with additional investments from enterprise software maker SAP and previous backer Jerusalem Venture Partners.
Founded in 2019, the Tel Aviv, Israel-based startup has built an AI-based platform for financial risk and anomaly detection, proactively preventing fraud and helping enterprises prevent financial and reputational damage.
Datricks maps business processes across management solutions, such as Oracle, Salesforce, and SAP, analyzes them, and extracts and correlates data to create a comprehensive view of an organization’s financial workflows.
This approach, which the startup calls ‘risk mining’, relies on AI to identify anomalies, fraud patterns, and compliance issues. Datricks’ platform then highlights the identified problems, provides root cause analysis, and can automatically apply remediation.
Datricks’ platform does not require configurations and can start identifying issues within a week after being connected to an organization’s data sources.
The company says its solution, which is already used by numerous organizations, including Fortune 500 businesses and large consulting firms, has already prevented hundreds of millions in losses.
“By understanding the full context of financial processes, Datricks is able to analyze 100% of an organization’s data with no sampling limitations, ensuring complete coverage with minimal false positives,” Datricks CEO and co-founder Haim Halpern said.
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