London-based Vault Platform lands $8.2M in Series A funding to help employees report misconducts in a workplace
Reporting misconducts in the workplace have always been challenging to employees. Many fear losing their jobs due to retaliation from their bosses or the upper management. Now, one startup is changing that by fixing the way misconducts are reported in the workplace.
Enter Vault Platform, a London-based tech startup that empowers employees to feel confident to report misconduct and employers to take meaningful actions to reach a resolution. Vault is pioneering a new category of workplace technology called “TrustTech” to solve a major problem for enterprise compliance, risk, and HR.
Today, Vault announced it has closed an $8.2 million Series A funding round to meet the growing demands for its fast-growing client base, drive Artificial Intelligence technology for misconduct reporting, and expand its team.
The round 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.
Founded in 2018 by CEO Neta Meidav and Rotem Hayoun-Meidav, Vault empowers employees to feel confident to report misconduct and employers to take meaningful actions to reach a resolution. Vault’s customers include Lemonade, Airbnb, Kavak, G2, OVO Energy, and others.
Vault 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.
“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.
“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 the 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 de-facto 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.”