What made us so excited to invest in Datricks? It’s simple and it’s all about Financial Integrity. Their AI-powered platform detects risks, uncovers hidden anomalies, and stops potential issues before they escalate into costly problems. By leveraging process mining, Datricks connects to various systems and tracks every financial process in real time.
While traditional manual audits only sample data periodically, Datricks continuously analyzes 100% of financial data, ensuring complete visibility and integrity for CFOs. This proactive approach brings peace of mind and drastically improves risk management.
Recognizing the game-changing potential of Datricks, we led their $15M Series A, alongside a strategic investment from SAP, the global leader in enterprise resource planning (ERP) software, and JVP.
From Manual Audits to Automatic Compliance
Datricks revolutionizes how companies manage financial data by autonomously detecting unknown risks, surfacing hidden anomalies and compliance infringements, and preventing these issues from escalating into costly financial or reputational damage. Datricks does this utilizing a technology called process mining – the ability to connect to multiple organizational systems, track every financial process and clearly call out risks. Instead of relying on sampling —looking at a select few transactions to represent the whole – Datricks’ technology continuously analyzes 100% of an organization’s financial data in real-time. This level of coverage ensures absolute financial integrity for the CFO’s office, providing the CFO, the controller, and the audit teams with far more peace of mind and often the ability to remediate the issues.
During my nearly two decades as a CFO, I’ve seen firsthand how gaps in reporting can expose an organization across industries to risks that are difficult to recover from. With Datricks, we no longer have to rely solely on retrospective audits or our hunches that often uncover issues too late. Datricks turns the process into a proactive, continuous financial audit—something I believe has the ability to transform how financial teams operate.
A Team of True Subject Matter Experts
One of the compelling aspects of our investment in Datricks is the team behind it. Understanding the intricacies of enterprise software solutions and the thousands of processes they manage is a daunting task. Co-founders Haim Halpern and Roy Rozenblum are veterans in this space – back in 2006, they founded Xac-Soft, Israel’s largest SAP integrator, where they grew the company to 500 employees. Their experience leading complex financial and operational projects for clients gave them a unique perspective on the gaps that traditional enterprise systems couldn’t fully solve. At Xact-Soft, Haim and Roy helped companies address these challenges manually, consulting on systems that often fell short of full visibility. What they’re doing with Datricks is essentially ‘retiring’ the roles they held at Xact-Soft with cutting-edge technology.
In 2019, Haim and Roy took that invaluable experience and launched Datricks with the vision to automate these manual processes and bring the same ease of use to financial data that we experience with consumer tech platforms like Spotify or Uber. With Datricks, the insights are intuitive, the interface is user-friendly, and the value is immediate, with each alert about an inefficiency even having a direct dollar sign attributed. The runtime of Datricks is also worth mentioning, from day 1 even the largest enterprises can get actionable insights into financial risks and inefficiencies, in comparison to the weeks and months it takes through manual audits or legacy process mining solutions.
Backed By a Global Powerhouse
The fact that SAP, the global leader in enterprise resource planning (ERP) software, chose to invest in Datricks and expand its commercial partnership speaks volumes about the value Datricks solution can bring enterprises. SAP understands the need for comprehensive, real-time compliance and audit tools, and by making Datricks an SAP Endorsed App, they are integrating this powerful solution directly into their ecosystem and putting the strength of SAP’s global network behind Datricks’ growth. For companies running on SAP, Datricks’ Process Mining capability will now be an integral part of how they monitor financial risk, offering continuous visibility into potential issues and ensuring that ‘money isn’t left on the floor’.
Datricks has already processed more than a trillion dollars in transactions and has prevented hundreds of millions in potential losses and fraud. The company’s cutting-edge technology is already ensuring financial integrity for large global enterprises such as Element Solutions, HELLA FORVIA, Teva, CyberArk, and ICL Group as well as several Fortune 500 companies.
With Team8’s deep involvement in data-driven enterprises, we are confident that Datricks will continue to lead in this space. As a former CFO, I wish I had this tool at my disposal when I oversaw financial teams at large companies. As an investor, I couldn’t be more excited to be part of this journey and to watch Datricks change the way enterprises manage financial risk and compliance in real time.
