Datricks, an AI-powered "financial integrity" platform, has raised $15 million in a Series A funding round led by Team8's VC arm.
Tech giant SAP joined the round, building on a recent expansion of its commercial partnership with Israel-based Datricks.
According to a report by the Association of Certified Fraud Examiners, organisations globally lose an estimated five per cent of their revenue to fraud annually — $4.7 trillion in losses.
Datricks tackles the problem through "risk mining", using AI to automatically analyse 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 firm's financial workflows, helping to detect anomalies, fraud patterns, and compliance issues that circumvent established safeguards.
Haim Halpern, CEO, Datricks, says: "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 organisation's data with no sampling limitations, ensuring complete coverage with minimal false positives."
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