Datricks partners with SAP and raises Series A to enhance fraud detection capabilities

Driving the news: Israeli startup Datricks has raised $15 million in Series A funding, led by Team8's venture arm, with support from SAP and Jerusalem Venture Partners (JVP). The latest funding follows the expansion of Datricks' partnership with SAP and the launching of its AI-driven risk management tool, Datricks for Risk Mining, as an SAP Endorsed App.

Why it matters: Global fraud accounts for an estimated 5% of annual revenue losses, totaling $4.7 trillion. Datricks' platform uses AI to detect fraud, human errors, and regulatory non-compliance in real time. The company plans to hire experienced sales engineers and enhance its ability to help large enterprises mitigate financial and reputational risk through continuous monitoring and actionable insights.

The backstory: Founded in 2019 by Haim Halpern and Roy Rozenblum, Datricks tackles the shortcomings of traditional audit and compliance methods by integrating with platforms such as SAP, Oracle, and Salesforce to analyze financial workflows for anomalies.

• SAP recently recognized Datricks as an "SAP Endorsed App" and will promote it, sharing in the revenue.
• Gero Decker from SAP Signavio will join the Datricks board.

How it works: The platform autonomously monitors financial processes using Large Language Models (LLMs) and multimodal AI to detect fraud and compliance issues. Key features include:

• Autonomous Process Discovery
• Integrity Exposure Detection
• Integrity Intelligence
• Leveraging Amazon Bedrock for AI training and inferences

By the numbers: Datricks has analyzed over $1 trillion in transactions and helped prevent hundreds of millions in losses, including uncovering $2 million in non-compliant payments. Datricks joins a wave of fintech companies raising funds to expand operations, including PastPay (€12M), LineLeap ($10M), and others like Kompasbank, Cashmere, and EMTECH.

What's next: Datricks will use the funding to scale its platform and expand partnerships with consulting firms like Deloitte, EY, KPMG, and PwC. Clients already include major enterprises such as Element Solutions, HELLA FORVIA, Teva, CyberArk, ICL Group, and Fortune 500 companies.