Gradient Ventures, Google’s AI-focused fund, leads the round to accelerate the modern ethics & compliance platform’s growth
Vault Platform, the pioneering workplace ethics & compliance platform, has closed an $8.2 million Series A funding round to service demand from its fast-growing client base, drive Artificial Intelligence technology for misconduct reporting and expand its team.
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The investment was led by Gradient Ventures, Google’s AI-focused VC fund, and joined by London-based Illuminate Financial, as well as existing investors including Kindred Capital and Angular Ventures.
London-based Vault Platform is spearheading “TrustTech”, as the market’s preferred newcomer into the ethics, compliance and employee reporting category. It features an innovative employee app and a Resolution Hub for compliance, HR, risk and legal teams.
As employers seek to operate in more ethical, genuinely diverse and inclusive ways, Vault Platform offers them an end-to-end solution to facilitate secure communication, collaboration between teams and quicker resolution of cases. In doing so, Vault Platform aims to transform the world of ethics and compliance, protecting businesses and their people from hidden risk.
Vault Platform was founded in 2018 by co-founders Neta Meidav (CEO) and Rotem Hayoun-Meidav (CTO). Tori Reichman, a member of the founding team, serves as Chief Customer Officer. Customers include Lemonade, Airbnb, Kavak, G2, OVO Energy and others.
“Since announcing our platform to the market, the response has been remarkable,” says co-founder and CEO Neta Meidav. “Major breaches and ethical failures that go unreported can cost companies a fortune and turn into crises. Until now, enterprises could only rely on passive reporting mechanisms. Vault Platform is transformational, by empowering employees to surface the problems they experience, connecting the dots on repeated patterns and offering our customers an unparalleled risk detection capability.
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“We’re just beginning to scratch the surface of AI’s potential in misconduct reporting through our unique GoTogether(™) technology and we have so much more to come.”
The need to prevent and detect risk early, build strong company culture and drive efficiencies through ethical operations has become more urgent following pressures from the SEC, who in the first seven months of fiscal year 2021 awarded $250m to whistleblowers; and the incoming EU Whistleblowing Directive, which requires companies of more than 250 employees to have a reporting solution in place by the end of December 2021. It has also accelerated with the shift to remote working during the Covid-19 pandemic that has become the defacto norm for many employers.
“Vault Platform tackles an important space with an innovative and timely solution” says Gradient Ventures Founder and Managing Partner Anna Patterson. “Vault Platform’s application provides organizations with a data-driven approach to tackling challenges like occupational fraud, bribery or corruption incidents, safety failures and misconduct. Given their impressive team, technology, and customer traction, they are poised to improve the modern workplace.”
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