Shield, founded in late 2018, announced today a $20 million series B funding round led by Macquarie Capital with participation from UBS Next, Mindset Ventures and OurCrowd. The capital injection will go towards further development of its platform, boost growth in existing markets, and expand into new countries, including the US. It also plans to open its second R&D facility in Lisbon, Portugal.
Founded in late 2018, the Ramat Gan headquartered startup developed a data management platform that utilizes machine learning and natural language processing (NLP) algorithms to monitor all communication channels employed in their firm as well as transactions, and understand the data’s context in order to detect and prevent violations.
The startup was founded by Shiran Weitzman (CEO) and Ofir Shabtai (CTO) having previously worked with financial institutions to solve communication compliance problems.
Shield previously raised $15 million for its Series A funding round just ten months ago, also led by Macquarie Capital.
According to Shiran Weitzman, CEO and co-founder of Shield, the latest capital is “further proof of the market need for a modern solution that can strengthen surveillance across communication channels and that [Shield] is well-positioned to meet that need.”