The round - led by Macquarie Capital and joined by UBS Next, Mindset Ventures and OurCrowd - follows a $15 million Series A earlier this year for Tel Aviv-based Shield.

Shield says its platform uses AI and NPL to enable regulated financial institutions to detect market abuse, gain behavioural analysis, mitigate toxic workplace culture and ultimately automate surveillance over all employee communication channels, saving both operational and compliance cost.

The firm will use the new funding to grow in its existing markets and push into new ones, including the US. It is also opening a second R&D facility in Lisbon.

Shiran Weitzman, CEO, Shield, says: "We’re thrilled to be able to begin work with UBS on multiple levels - as a client and now as an investor in our latest funding round.

"This is further proof that there is an immediate market need for a modern, proactive solution that supercharges surveillance across communication channels and that Shield is well-positioned to meet that need."