Company Announcements

LONDON--(BUSINESS WIRE)--Oct. 31, 2024-- Behavox, a leading provider of AI-driven compliance solutions for Financial Services, announced today that it has secured a $70 million credit facility from Hercules Capital, Inc. (NYSE: HTGC), further increasing ample liquidity reserves on its balance sheet. Behavox intends to use the funds for strategic acquisitions and the building of new products to deliver more value to compliance teams globally.

Today, Behavox is recognized as the leading provider of communication surveillance and regulatory archiving solutions. In response to the strong market demand, Behavox plans to expand its product portfolio in 2025, adding new solutions for Trade Surveillance, Control Room, and Sanction Screening. Strategic acquisitions, supported by the new credit facility, will help Behavox accelerate time to market and increase its distribution capabilities.

“Our commitment to building a profitable business has enabled us to secure strategic capital, positioning us to accelerate organic growth through targeted acquisition,” said Kiryl Trembovolski, Chief Operating Officer of Behavox. “We’re excited to partner with Hercules Capital and look forward to advancing our vision of Behavox as the one-stop technology provider for all compliance needs.”

Hercules Capital, a leading provider of growth capital to innovative companies, echoed its excitement for the partnership.

“AI continues to become more prevalent in the ecosystem, but only select firms have been able to focus on achieving profitability with a truly differentiated value proposition for their customer,” said Steve Kuo, Senior Managing Director and Technology Group Head at Hercules Capital. “We’re excited to partner with Behavox and support them in their next stage of growth.”

Behavox continues investing heavily in its product capabilities. The company’s Intelligent Archive has already achieved over 100% QoQ pipeline growth since its launch in January, demonstrating strong market demand for modern compliance and archiving solutions. Powered by Behavox’s proprietary large language model, Intelligent Archive consolidates compliance tech stacks, reduces costs, and enhances regulatory compliance across 100+ communication channels.

“As a profitable enterprise, our North Star remains to invest heavily into fundamental AI research, core infrastructure, and product innovation to deliver more value to our customers,” said Erkin Adylov, Chief Executive Officer of Behavox.

“Compliance, Controls, and Security leaders are looking to consolidate the technology stack, reduce total costs of ownership, and deliver true AI use cases to their organization. We are well positioned to help them achieve this with our growing product portfolio, powered by Behavox proprietary Large Language Model,” added Adylov.

To hear more about the partnership between Behavox and Hercules Capital, stay tuned for a podcast featuring Behavox CEO Erkin Adylov and Catherine Jhung, Senior Managing Director at Hercules Capital, releasing later next month.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031331922/en/

Fahreen Kurji
marketing@behavox.com

Source: Behavox