Mirato, an Israeli firm that has built an AI-driven third party risk management platform (TPRM) for financial institutions, has raised $9 million in funding.
The round was led by Grove Ventures and co-led by Janvest Capital Partners, with participation from American Express Ventures, iAngels and others.
Mirato says that its platform orchestrates and automates the entire TPRM lifecycle, including onboarding through monitoring.
The firm uses AI and natural language processing to continuously collect information from risk managers, documents and machines while performing analysis and creating a feedback loop between data sources.
This, says Mirato, provides actionable insights for risk teams, which help to reduce operational costs and improve accuracy and corporate performance.
The company, which has recently opened a New York office, says it will use the funding to make hires in R&D, sales and marketing.