With the aim to ramp up operations and scale further, Israel-based risk management firm Mirato has secured a $9m funding round.
The round was co-led by Grove Ventures and Janvest Capital Partners, with participation from American Express Ventures and iAngels among others.
The firm intends to use the cash injection to aid more financial institutions with AI-driven tools for risk insights through automating third-party risk management (TPRM) processes including tasks such as onboarding through monitoring third and fourth-party suppliers.
Additionally, the funds will be used to develop the technology further and to recruit for its R&D, sales and marketing teams. After the firm opened its New York office, it is now actively hiring data scientists and tech personnel.
As more financial companies are increasingly doing third party interactions, regulators across the world are putting more pressure on the businesses to better understand what the potential implications and risks are. Mirato’s platform automates the entire TPRM cycle, providing real-time visibility and analytics.
The key factor driving the firm to scale further is to replace manual and time-consuming work with automated smart processes, so humans can use their skills for more critical risk management tasks, therefore saving time and resources for financial institutions
The firm uses AI and natural language processing to continuously collect information from risk managers, documents and machines while analysing a feedback loop between data sources. These processes carried out by the company provides actionable insights for risk teams, reducing operational costs and improve accuracy and corporate performance.
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