Israel's Mirato, developer of a third-party risk management (TPRM) platform, announced Tuesday the completion of a $9 million funding round to support the continued development and commercialization of its technology.
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.
"We are pleased that such notable investors recognize the value of our technology platform," said Aki Eldar, co-founder and CEO of Mirato. "This funding will enable us to accelerate our efforts and further develop the technology and company through recruitments in R&D, sales and marketing."
The company says that at a time when financial institutions increasingly rely on business interactions with third-party suppliers, and are facing greater pressure from regulators to understand the potential impacts and implications of these engagments, Mirato's platform 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 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 platform provides financial institutions with visibility into their concentration risk and other risks that can be aggregated together, says Mirato.
According to the company, the platform 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.
"Mirato has taken a highly innovative, advanced approach to the resource-intensive task of assessing and monitoring third-party risk," said Dana Eli-Lorch, managing director at American Express Ventures. "The Mirato platform can help streamline and automate the processes to onboard and monitor third and fourth-party suppliers."