Workplace intelligence platform Shield snags $20 million Series B
The Israeli startup’s solution allows organizations of any size to mitigate risks, improve operational efficiency, and reduce compliance costs
Israeli startup Shield announced on Thursday that it has raised $20 million in a Series B financing round led by Macquarie Capital and joined by UBS through its venture and innovation unit UBS Next, Mindset Ventures and OurCrowd. This is Shield’s second funding round of 2022 after announcing a $15 million Series A in January of this year.
Shield’s intelligence platform allows organizations of any size to mitigate risks, escape the dead-end legacy archive, improve operational efficiency, and reduce compliance costs. Shield enables regulated financial institutions to detect market abuse, gain behavioral analysis, mitigate toxic workplace culture and ultimately automate surveillance over all employee communication channels. The company’s cloud native solution automatically captures, archives and provides surveillance over the communication channels that have become especially relied upon as remote and hybrid work environments become more permanent.
Shield was founded by CEO Shiran Weitzman with CTO Ofir Shabtai, and they were joined by CBO Eran Noam. Prior to its recent funding rounds, Shield had been bootstrapped since its launch in 2018, growing organically with sales reaching millions of dollars. The company employs around 120 people, most of them at its headquarters in Israel and the rest in London, New York, and Lisbon.
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Shield, which said it has grown by 300% over the past couple of years, plans to use the funds to further grow in existing markets and expand into new ones, including the U.S.
“When we founded the company we didn’t have much money and everything we did was dependent on the company’s success, which forced it to be lean and effective,” Weitzman told Calcalist. “Growth at all costs wasn’t for us. We grew in a healthy manner, even though we did sometimes look at some entrepreneurs with envy. Unfortunately, profitability and positive cash flow wasn’t part of the tech lexicon in 2021, but it was crucial to us and therefore we haven’t been hurt by the crisis.”
