Datricks raises $15M Series A for AI-powered compliance and risk management platform
Datricks raises $15M Series A for AI-powered compliance and risk management platform
Backed by Team8 and SAP, the Israeli startup’s platform autonomously detects unknown financial risks, surfaces hidden anomalies, and proactively prevents them from escalating into financial or reputational damage for large enterprises.
Datricks, which has developed an AI-powered compliance and risk management platform, announced on Wednesday that it has raised $15 million in Series A funding led by Team8’s venture capital arm. SAP, the global leader in enterprise resource planning (ERP) software, made a strategic investment in the round, alongside participation from existing investor Jerusalem Venture Partners. JVP led Datrick’s $6.5 million Seed round.
This funding follows Datricks' recent expansion of its commercial partnership with SAP, which included the launch of Datricks for Risk Mining as an SAP Endorsed App.
Datricks’ platform leverages AI to automatically analyze and map entire business processes across business management solutions such as SAP, Oracle, and Salesforce. The platform extracts and correlates data in order to reverse-engineer a comprehensive view of an organization's financial workflows and detects anomalies, fraud patterns, and compliance issues that circumvent the established safeguards. The platform then highlights these risks, provides detailed root cause analysis, and can often automatically remediate issues.
"The unknown financial risks are what keep CFOs of large enterprises up at night," said Haim Halpern, CEO and co-founder of Datricks. "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 was founded by Halpern (CEO) and Roy Rozenblum (CTO), who have worked together for nearly three decades. They previously built and sold a 500-employee consultancy firm. Datricks’ customers include large global enterprises like Element Solutions, HELLA FORVIA, Teva, CyberArk and ICL Group, as well as multiple Fortune 500s, and its partners span some of the largest consulting firms, including Deloitte, EY, KPMG, and PwC.
According to the company, the platform has already prevented hundreds of millions in losses with more than a trillion dollars in transactions passing through Datricks intelligence engine.
