Datricks, an AI-powered platform focused on enhancing financial integrity, has successfully raised $15 million in a Series A funding round led by the venture capital arm of Team8.
Tech giant SAP also participated in this funding round, further strengthening its commercial partnership with the Israel-based company.
A report by the Association of Certified Fraud Examiners highlights a staggering global loss of approximately five percent of organizational revenue each year due to fraud, equating to around $4.7 trillion in total losses.
Datricks addresses this critical issue through its innovative “risk mining” approach, utilizing AI to autonomously analyze and map business processes within management solutions like SAP, Oracle, and Salesforce. The platform extracts and correlates data to reverse-engineer a holistic view of a firm’s financial workflows, enabling the detection of anomalies, fraud patterns, and compliance issues that might evade established safeguards.
Haim Halpern, CEO of Datricks, stated, “The unknown financial risks are what keep CFOs of large enterprises up at night. By understanding the full context of financial processes, Datricks can analyze 100% of an organization’s data without sampling limitations, ensuring complete coverage with minimal false positives.”
For more insights on the impact of artificial intelligence in the banking sector, consider attending Finextra’s inaugural NextGenAI conference on November 26, 2024.