Financial institutions, like banks, increasingly rely on business interactions with third-party suppliers. Although, as the suppliers stack up, companies are facing greater pressure from regulators to understand the potential impacts and implications of these business engagements.
Mirato, an Israeli startup developing AI-driven automation for the entire TPRM (Third Party Risk Management) lifecycle, providing financial institutions with real-time visibility and advanced analytics regarding third party risks, and saving them both time and resources. To do this, Mirato recently announced a $9 million founding round. "This funding will enable us to accelerate our efforts and further develop the technology and company through recruitments in R&D, sales and marketing,” said Aki Eldar, CEO and co-founder at Mirato.
AI-powered risk analysis
Mirato’s platform combines AI and NLP to collect information from risk managers, documents and machines while performing analysis and creating a feedback loop between data sources. According to Mirato, 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.
Additionally, the Mirato 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. The company’s SaaS system orchestrates and analyzes all third party risks, such as cyber, business continuity, financial stability. This “normalizes” the data, and allows users to have a ‘big picture’ risk assessment on a centralized dashboard. Mirato (formerly The Floor Cyber) was founded in 2019 by CEO Aki Eldar, who also co-founded Secure Islands - an Israeli cyber startup acquired by Microsoft in 2015; and CTO Etai Hochman, who was part of cyber insurance startup At-Bay’s founding team. The $9 million investment was led by Grove Ventures and Janvest Capital Partners, with iAngels, American Express Ventures, and others also getting in on the action.
In a conversation with Geektime, Aki Eldar explained that the company’s only real competitor is manual labor. He added that “because the system uses a holistic method to analyze risks, Mirato, for the first time, enables users to fully understand complex risks and offer remediation - extreme events that impact different elements in an organization, like COVID, and data breaches, such as Solarwinds and others.”