Mirato closes $9m in funding; company’s TPRM platform empowers FIs
By Edil Corneille
Tel Aviv-based Mirato announced the completion of a $9 million funding round to support the continued development and commercialization of its technology. Mirato is a provider of a third-party risk management (TPRM) platform that orchestrates and automates the entire TPRM lifecycle (including onboarding through monitoring). The AI-driven TPRM platform of the company empowers financial institutions (FIs) to identify, anticipate and manage third-party risk across the entire supply chain.
The funding 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 chose to invest in Mirato because it has all the essential ingredients of a highly promising company: deep technology expertise; exceptional and experienced founders; and a product that solves a real market need,” said Lior Handelsman, General Partner at Grove Ventures. “We believe that Mirato has the potential to transform third-party risk management by empowering financial institutions and other organizations to gain risk insights more quickly, easily, and flexibly than ever before.”
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 business engagements. Mirato’s AI-driven platform automates the entire TPRM lifecycle, provides real-time visibility and advanced analytics and saves financial institutions both time and resources.
“Mirato has taken a highly innovative, advanced approach to the resource-intensive task of assessing and monitoring third-party risk,” 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. We are excited to support Mirato’s continued growth.”
Mirato’s 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 platform provides financial institutions with visibility into their concentration risk and other risks that can be aggregated together.
The platform is said to have been built to be easy to implement, scalable across unlimited data sources and seamlessly integrate into existing TPRM programs – across all risk domains, from initial assessment to continuous monitoring and beyond.
“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 recently opened a new U.S. office in New York and appointed Eran Abramovitz as its U.S. sales director. Mirato is recruiting additional personnel with experience in the fields of data science and sales to join its Israeli and U.S. operations.