Shield, an intelligence platform for compliance, has closed a $15m Series A round, which was led by Macquarie Capital and OurCrowd.
Commitments to the round also came from Mindset Ventures.
This investment marks Shield’s first external capital raise, having been bootstrapped since its launch in 2018.
With the equity, Shield plans to expand its presence in the US with a New York City office, as well as bolstering its position in Europe, the Middle East, Africa, and the Asia Pacific. Capital will also be used to accelerate the development of its end-to-end communications compliance platform.
The RegTech company helps financial institutions detect market abuse, access behavioural analytics, mitigate toxic workplace culture and automate surveillance over all employee communication channels.
Its cloud native solution captures, archives and provides surveillance over the communication channels businesses use. Its platform can be tailored to each business and leverages AI and natural language processing capabilities
Shield co-founder and CEO Shiran Weitzman said, “The ability to access and understand new and evolving communication channels is increasingly becoming a pain point for organizations, no matter the industry, and this funding round is well-timed as it will empower us to scale our technology and enhance our already robust platform that addresses compliance concerns that enterprises deal with daily.”
“As a bootstrapped company, we’ve already proven that our AI platform is unquestionably valuable to banks and financial institutions. Now, with the help of our highly regarded investors, we’re ready to further build out our technology, expand our global sales and customer success teams, and enhance our already impressive ability to discover and manage compliance and risk concerns across electronic communications.”
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