Shield, an Israel-based firm that monitors and manages financial institutions’ electronic and communication data, has raised $20 million.
It helps businesses which are increasingly using WhatsApp, Facebook Messenger and Telegram to communicate with customers. The data many of these conversations generate is subject to a range of regulations and compliance investigations.
Shield uses AI to help financial institutions reduce risk and meet regulatory compliance standards. It captures all relevant data and provides security oversight, from voice, email, chat, documents, and social apps, to detect market abuse, employee conduct, and information sharing.
By combining all of these data sources, it helps firms perform full investigations quickly.
It will use the funding to boost its growth in existing markets and enter new ones.
The financing round was led by financial services company UBS, OurCrowd, and Mindset Ventures. The company raised $15 million in the beginning of this year.
“We’re thrilled to be able to begin work with UBS on multiple levels – as a client and now as an investor in our latest funding round,” said Shield CEO and Co-founder Shiran Weitzman.
“This further proves that there is an immediate market need for a modern, proactive solution that supercharges surveillance across communication channels and that Shield is well-positioned to meet that need.”
Shield’s platform is already available on Microsoft’s App Source and Azure Marketplace, online marketplaces where firms can try, buy, and deploy thousands of business apps.
David Standen at Macquarie Capital said: “Shield’s impressive growth over the past year has been driven by the need for a leading-edge platform that can be rapidly implemented, and our latest investment confirms our belief in the company’s plans for further market expansion.”
Shield was founded in 2018. It is headquartered in Tel Aviv, with offices in London, New York, and Lisbon.