Behavox announced that it has received a $175 million preferred equity investment from investment funds and accounts managed by HPS Investment Partners, a global credit investment firm and part of BlackRock.
The completed investment will support Behavox’s global growth, expansion of its Unified Controls Platform, and disciplined M&A strategy.
Behavox is an AI-native controls platform used by global banks, asset managers, hedge funds, and commodity firms to manage risk and meet regulatory obligations. The company’s platform brings together communications surveillance, trade surveillance, regulatory data retention, and policy management.
With the investment, HPS joins Behavox’s existing institutional investors, which include SoftBank, Citigroup, Index Ventures, and Hoxton Ventures.
The funding follows a year of strong commercial momentum for Behavox. The company said its customer base grew 86% to more than 100 major financial institutions across five continents.
As part of the transaction, Behavox fully repaid and retired its $70 million venture-debt facility with Hercules Capital, strengthening its balance sheet. Behavox had secured that credit facility in 2024 to support strategic expansion, including its acquisition of Mosaic Smart Data and strategic investment in b-next.
Those transactions helped Behavox expand into trade surveillance by adding fixed income, currencies, and commodities front-office analytics and capital markets trade surveillance expertise.
Behavox has been profitable since 2023 and has used that financial position to reinvest in R&D, product expansion, and global market growth. The HPS investment is the company’s first equity financing since 2020, when SoftBank invested $100 million.
Since SoftBank’s investment, Behavox said it has grown the business sevenfold. The company said SoftBank has also remained a strategic partner, with SoftBank Investment Advisers in the U.K. and SoftBank Corporation in Japan becoming Behavox customers.
The new investment will also support continued development of Polaris, Behavox’s trade surveillance product. Behavox introduced Polaris in 2025 as a next-generation trade surveillance platform supporting market abuse detection across 10 major asset classes on a single AI-native platform.
Polaris can operate independently or alongside Quantum, Behavox’s communications surveillance product. The combined workflow uses agentic AI to bring related chats, emails, voice, and archive records into a single case.
Behavox said Polaris has seen pipeline growth of more than 80% since the beginning of the year, demonstrating demand for a governed workflow that unifies communications and trade surveillance.
Ardea Partners served as investment advisor to Behavox. Freshfields served as legal counsel to Behavox on the transaction.
Founded in 2014 and headquartered in London, Behavox serves financial services and other regulated industries, with offices across North America, EMEA, and APAC.
KEY QUOTES:
“Behavox set out to give the world’s most demanding institutions a single, AI-native platform to manage risk and meet regulatory obligations. HPS brings the scale, sophistication, and long-term perspective to help us reach more institutions in more markets. Their investment recognizes the strong platform we have built and positions us to pursue strategic acquisitions that expand our capabilities and accelerate global growth.”
Erkin Adylov, Founder and CEO of Behavox
“Our partnership with Behavox has been highly successful. We congratulate Behavox and HPS on this transaction and look forward to future opportunities to partner.”
Ruslan Sergeyev, Managing Director at Hercules Capital
