Summary:
Datricks has raised $15 million in Series A funding led by Team8 and SAP.
The platform uses AI to analyze and map business processes across major solutions like SAP and Salesforce.
Haim Halpern, CEO, emphasizes the importance of addressing unknown financial risks for CFOs.
Datricks has prevented hundreds of millions in losses with over a trillion dollars in transactions processed.
The company boasts a clientele that includes major enterprises and Fortune 500 companies.
Datricks Secures $15 Million in Series A Funding
Datricks, an innovative AI-powered compliance and risk management platform, has successfully raised $15 million in Series A funding, spearheaded by Team8's venture capital arm. This funding round also saw SAP, a leader in enterprise resource planning (ERP) software, make a strategic investment, alongside existing investor Jerusalem Venture Partners. Notably, JVP had previously led Datricks' $6.5 million Seed round.
This investment coincides with Datricks' recent expansion of its commercial partnership with SAP, which includes the launch of Datricks for Risk Mining as an SAP Endorsed App.
The Power of AI in Risk Management
Datricks’ platform harnesses the power of AI to automatically analyze and map entire business processes across major business management solutions such as SAP, Oracle, and Salesforce. The platform extracts and correlates data to reverse-engineer a comprehensive view of an organization's financial workflows, detecting anomalies, fraud patterns, and compliance issues that may bypass established safeguards. Datricks not only highlights these risks but also provides detailed root cause analysis and can often automatically remediate issues.
Haim Halpern, CEO and co-founder of Datricks, emphasized the critical nature of identifying unknown financial risks:
"The unknown financial risks are what keep CFOs of large enterprises up at night. 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."
Proven Impact and Clientele
Founded by Halpern and Roy Rozenblum, who have nearly three decades of experience together, Datricks has already made a significant impact in the industry. The platform has reportedly prevented hundreds of millions in losses, processing over a trillion dollars in transactions through its intelligence engine. Datricks serves a diverse clientele, including major global enterprises such as Element Solutions, HELLA FORVIA, Teva, CyberArk, and ICL Group, as well as several Fortune 500 companies. Its partnerships extend to some of the largest consulting firms, including Deloitte, EY, KPMG, and PwC.
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