In the past two years, since the pandemic hit, there has been a sharp increase in financial crime compliance costs, About $50 billion in 2021, up 58% compared to 2019 in the US and Canada. shield, a Tel Aviv-based startup, created a compliance monitoring platform to enable regulated financial institutions to detect market abuse, gain behavior analysis, reduce toxic workplace culture and automated monitoring across employee communication channels.
The startup will use the funding to expand its US presence with a New York City office, while establishing itself in markets across Europe, the Middle East, Africa and Asia. It will also accelerate the development of its communications compliance platform.
Sheeran Weitzman, co-founder and CEO of Shield, said that as remote and hybrid work environments become more sustainable, global banks are increasingly relying on compliance platforms. The capital investment comes at a time when the industry is actively seeking cloud-based solutions – evidenced by Shield’s recent signing of a tier-one global bank as a client.
According to the company, its optimized platform implements advanced artificial intelligence and natural language processing (NLP) capabilities through rigorous data enrichment, powerful analytics, advanced search tools, and proactive monitoring. Shield allows organizations of any size and all industries to reduce risks, avoid time-consuming data silos, improve operational efficiency and reduce compliance costs.
“The ability to access and understand new and evolving communication channels is fast becoming a pain point for organizations, no matter the industry, and this funding round is well-timed as it allows us to enhance our technology and build our first business opportunities.” This will empower the platform to grow more robust than ever. Addresses compliance concerns that enterprises deal with on a daily basis,” Weitzman said. “As a bootstrapped company, we have already proven that our AI platform is undeniably valuable to banks and financial institutions.”
Financial regulations oblige financial institutions to capture every communication channel used by regulated employees such as merchants, back-office employees and others Weitzman told Nerdshala. Employees know the financial institution monitors specific channels, Weitzman said. Shield takes additional measures to maintain privacy with its proprietary Privacy Content Recognition (PCR) engine that automatically masks personally identifiable information from communications via email, chat, Fin-Chat and voice recordings.
Shield currently oversees more than 150,000 regulated employees and analyzes more than 53 million interactions a day, Weitzman said, adding that it more than tripled its revenue year-over-year since it was founded in 2018. Used to be. Weitzman said the company has more than a year-year growth of 200% in customers.
According to Polaris Market ResearchThe global market for enterprise governance, risk and compliance is projected to reach approximately $97 billion by 2028.
“The need to have better management and cloud-native Shield to support hybrid functioning, changing compliance and regulatory requirements has led to a new architectural approach to software development. Shield’s leading-edge software platform, agile development philosophy and The ability to rapidly deploy its solutions to deliver more immediate benefits position clients for Shield to become a new market leader” said David Standen, Co-Head Venture Capital Group, Macquarie Capital. I am excited to support the aspirations of a very talented team.”