As financial institutions address the evolving regulatory environment, Shield boosts growth with support from its existing investors and UBS
TEL AVIV, Israel and NEW YORK, Dec. 01, 2022today announced its $20 million Series B financing round, which was led by Macquarie Capital and joined by UBS through its venture and innovation unit UBS Next, Mindset Ventures and OurCrowd.
Following its $15 million Series Around in early 2022, Shield's rapid year-over-year growth and market demand leading to a constantly growing pipeline drove this latest funding. With more than 100 employees, Shield will use funds from its Series B financing to further grow in existing markets and expand into new ones, including the US. The firm is also opening its second R&D facility in Lisbon, Portugal, and will also use the capital to propel its leadership in innovation, as it continues the development of its leading financial compliance platform.
To increase efficiency and help meet regulatory compliance standards, leading global financial institutions have deployed Shield to monitor and manage their electronic communication data.
"We're thrilled to be able to begin work with UBS on multiple levels - as a client and now as an investor in our latest funding round," said Shiran Weitzman, CEO and Co-founder of Shield. "This is further proof that there is an immediate market need for a modern, proactive solution that supercharges surveillance across communication channels and that Shield is well-positioned to meet that need."
Macquarie Capital, Shield's largest investor and the lead investor for the Series B financing round, Mindset Ventures and OurCrowd are all joining the latest round after initial investment in Shield's Series A. Shield has now raised a total of $35 million in 2022.
"We strongly believe in the value Shield can bring to financial organizations and Macquarie is pleased to continue supporting Shield as it delivers real benefit to an increasing range of customers, said David Standen at Macquarie Capital. "Shield's impressive growth over the past year has been driven by the need for a leading-edge platform which can be rapidly implemented, and our latest investment confirms our belief in the company's plans for further market expansion."
About Shield
Shield is an advanced end-to-end communication compliance platform that allows organizations of any size to mitigate risks, escape the dead-end legacy archive, improve operational efficiency, and reduce compliance costs. Shield redefines the way enterprises and financial institutions manage and mitigate communications compliance risks by applying advanced AI, NLP, and visualization capabilities. Shield is specifically built for today's digital work environment, where organizations face multiple risks, including financial crime, privacy and misconduct. Learn more: https://www.shieldfc.com
Media Contact
Marissa Fiorentino
shield@fischtankpr.com
FischTank PR
A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/00837779-feda-4824-bc8e-0026d679395b
