Software Firm Datricks Announces $15 Million Series A Funding Round

Datricks has secured $15 million in a Series A funding round. According to the AI-powered financial integrity software startup, the injection of additional capital is a major milestone as it tries to expand its operations.

The funding round was led by venture capital firm Team8. Other notable participants include existing investor Jerusalem Venture Partners (JVP), and global enterprise software leader, SAP.

The Fund Will Be Used To Expand Its Financial Integrity Platform

Datricks was launched in 2019 by its Chief Technology Officer Roy Rozenblum and its Chief Executive Officer, Haim Halpem. The company was initially a consulting firm with about 500 consultants. However, it has grown to become a major software platform that focuses on risk mining. It is an AI-powered method that independently examines financial workflows across several business systems including SalesForce, Oracle, and SAP.

Rozenblum commented on the development, saying that the company has been a consulting firm for several years managing many big projects. He added that the company decided at some point that it needed to accelerate its growth by transitioning to a software firm.

Following the completion of the new funding round, the firm is now more equipped to take its business to greater heights. Datrcks said the fund will be used to scale its operations and further expand the Datricks Financial Integrity Platform, its flagship product.

Datricks plays a major role in revealing compliance breaches, patterns of fraud, and financial discrepancies. This will enable firms to gain real-time insights and prevent potential reputational and financial damages.

Datricks Wants To Address Issues In Financial Risk Management

Datricks is addressing an important issue in financial risk management and traditional compliance. The gap leaves business entities vulnerable to schemes that could lead to millions in losses. The Association of Certified Fraud Examiners stated recently that business entities globally lose 5 percent of their annual revenue to fraud, which accumulates up to $4.7 trillion.

Datricks says it is looking to bridge this gap through its Financial Integrity Platform. It will ensure that the business entities’ financial data is monitored in real time. The wide-reaching monitor will reduce false positives and enhance accuracy.

Rozenblum explained that it’s important to trust the numbers, and fraud is one of the major challenges organizations are facing. Other issues include human errors and compliance issues, which can lead to heavy financial losses for business entities.

Datricks says the goal is to put this in order and ensure proper compliance to reduce the risk of fraud. The additional $15 million in funding will help the firm to tackle the issues of “risk mining”.