Israel-based compliance technology firm Shield has raised $15 million in a Series A funding round.

Shield, which is used by compliance teams at financial services firms, said it will use the funding to expand its US presence with a New York City office, and to establish itself in markets such as Europe, the Middle East, Africa, and Asia Pacific.

In addition, Shield said the funding will also be used for the development of its compliance platform.

The funding round was led by Macquarie Capital and OurCrowd.

“The ability to access and understand new and evolving communication channels is increasingly becoming a pain point for organisations, no matter the industry, and this funding round is well-timed as it will empower us to scale our technology and enhance our already robust platform that addresses compliance concerns that enterprises deal with daily,” said Shiran Weitzman, co-founder and chief executive of Shield. “As a bootstrapped company, we’ve already proven that our AI platform is unquestionably valuable to banks and financial institutions.”

He added: “Now, with the help of our highly regarded investors, we’re ready to further build out our technology, expand our global sales and customer success teams, and enhance our already impressive ability to discover and manage compliance and risk concerns across electronic communications.”

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