Datricks, an AI-powered “financial integrity” platform, has raised $15 million in a Series A funding round led by Team8’s VC department.
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Tech giant SAP joined the round, building on a recent expansion of its commercial partnership with Israel-based Datricks.
According to a report from the Association of Certified Fraud Examiners, companies worldwide lose an estimated five percent of their revenue to fraud each year – a loss of $4.7 trillion.
Datricks addresses the problem through “risk mining” and uses AI to automatically analyze and map entire business processes across business solutions such as SAP, Oracle and Salesforce.
The platform extracts and correlates data to provide a comprehensive view of a company’s financial operations and help identify anomalies, fraud patterns and compliance issues that circumvent established protections.
Haim Halpern, CEO of Datricks, says: “The unknown financial risks are what keep CFOs of large companies losing sleep. By understanding the full context of financial processes, Datricks is able to analyze 100% of an organization’s data without sampling limitations, ensuring complete coverage with minimal false positives.”