Mirato, a Tel Aviv, Israel-based provider of a third-party risk management (TPRM) platform that orchestrates and automates the entire TPRM lifecycle (including onboarding through monitoring), completed a $9m funding round.
The round was led by Grove Ventures and co-led by Janvest Capital Partners, with additional funding provided by American Express Ventures, iAngels, and others.
The company intends to use the funds for the continued development and commercialization of its technology.
Led by Aki Eldar, Co-Founder and CEO, and Etai Hochman, Co-Founder and Chief Technology Officer, Mirato provides an AI-driven platform that automates the entire TPRM lifecycle, provides real-time visibility and advanced analytics, and saves financial institutions both time and resources.
The platform uses AI and natural language processing (NLP) to continuously collect information from risk managers, documents and machines while performing analysis and creating a feedback loop between data sources. The outcome is actionable insights for risk teams, which help to reduce operational costs and improve accuracy and corporate performance. Furthermore, the ability to orchestrate and automate all TPRM programs within the same solution provides financial institutions with visibility into their concentration risk and other risks that can be aggregated together.
Additionally, the system is built to be easy to implement, scalable across unlimited data sources and seamlessly integrates into existing TPRM programs—across all risk domains, from initial assessment to continuous monitoring and beyond.
The company recently opened a new U.S. office in New York and appointed Eran Abramovitz as its U.S. sales director.