Datricks, a pioneering financial integrity platform, announced $15 million in Series A funding led by Team8’s venture capital arm. And SAP, the global leader in enterprise resource planning (ERP) software, made a strategic investment in the round, along with participation from existing investor Jerusalem Venture Partners. This funding round follows Datricks’ recent expansion of its commercial partnership with SAP, which included the launch of Datricks for Risk Mining as an SAP Endorsed App.
Organizations are constantly losing large amounts of revenue due to fraud. And digital transformation, globalization, and strict regulatory requirements have driven substantial financial data and intricate business processes that traditional audit and compliance methods struggle to navigate. And large and well-established companies only audit a small portion of their organization’s finances each year, leaving them vulnerable to fraud schemes that can cost millions.
Datricks tackles these challenges with a unique approach to financial risk management and compliance called risk mining. It utilizes AI to automatically analyze and map entire business processes across business management solutions like SAP, Oracle, and Salesforce.
This platform extracts and correlates data in order to reverse-engineer a comprehensive view of an organization’s financial workflows. And this process-centric approach allows Datricks to detect anomalies, fraud patterns, and compliance issues that circumvent the established safeguards. Plus, the platform then highlights these risks, provides detailed root cause analysis, and can often automatically remediate issues.
Datricks was created by Haim Halpern (CEO) and Roy Rozenblum (CTO), who have worked together for nearly three decades. And they previously built and sold a 500-employee consultancy firm. Datricks’ customers include large global enterprises such as Element Solutions, HELLA FORVIA, Teva, CyberArk and ICL Group, as well as multiple Fortune 500s, and its partners span some of the largest consulting firms, including Deloitte, EY, KPMG, and PwC. And the platform – which requires zero configuration and begins surfacing issues within a week of connecting to an organization’s financial data sources – has already prevented hundreds of millions in losses with more than a trillion dollars in transactions passing through Datricks intelligence engine.
KEY QUOTES:
“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 organization’s data with no sampling limitations, ensuring complete coverage with minimal false positives. We are incredibly proud and excited to have Team8, SAP, and JVP as our partners in this journey. This funding validates our vision and empowers us to advance our mission of transforming how businesses manage their risks and ensure financial integrity.”
-Haim Halpern, CEO and co-founder of Datricks
“Datricks is the only solution that can offer continuous financial compliance by tracking all processes in real-time. The result is stronger risk mitigation, increased efficiency, and significant cash savings. Global ERP leader SAP’s choice to participate in this round and enter into an endorsed commercial partnership with Datricks validates the immense value Datricks’ solution brings to enterprises.”
-Sarit Firon, Managing Partner at Team8
“We underline our commitment to our new partnership with Datricks with a strategic investment in the company. Datricks’ unique AI-powered risk mining capabilities perfectly complement our Business Transformation Management offering. Their comprehensive solution enables proactive risk mitigation and continuous financial compliance to accelerate business process transformation.”
-Dr. Gero Decker, General Manager SAP
“Datricks is revolutionizing the Risk Mining market, providing Fortune 500 clients with exceptional efficiency via its innovative solutions. As investors in the company from day one, we are excited to welcome Team8, the new investors in the company. Together with Sarit Firon, Managing Partner at Team8, and the entire team, we will propel Datricks to the next level”.
-Gadi Porat, General Partner at JVP
