Behavox, an AI-native controls platform serving global banks, asset managers, hedge funds, and commodity firms, has raised $175m in preferred equity from HPS Investment Partners, a global credit investment firm operating as part of BlackRock.
The funding will be used to accelerate Behavox’s international expansion, broaden its Unified Controls Platform, and pursue disciplined mergers and acquisitions. HPS joins an existing roster of institutional backers that includes SoftBank, Citigroup, Index Ventures, and Hoxton Ventures.
Alongside the investment, Behavox fully repaid and retired a $70m venture-debt facility with Hercules Capital, which had been secured in autumn 2024 to support strategic expansion. That facility had helped fund the acquisition of Mosaic Smart Data and a strategic investment in b-next, moves that brought FICC front-office analytics and capital markets trade surveillance capabilities into the Behavox platform.
The company has been profitable since 2023 and has reinvested those earnings into research and development, product growth, and international market expansion.
This latest raise marks Behavox’s first equity financing since 2020, when SoftBank contributed $100m. In the years since, Behavox grew its business sevenfold, with SoftBank remaining a strategic partner, including SoftBank Investment Advisers in the UK and SoftBank Corporation in Japan becoming customers.
Founded in 2014 and headquartered in London, Behavox provides organisations with a unified controls framework through an AI-native platform. Its suite of products includes Quantum for communications surveillance, Polaris for trade surveillance, Intelligent Archive for regulatory data retention, and Pathfinder for policy management. The company serves a global client base across financial services and other regulated industries, with offices across North America, EMEA, and APAC.
A portion of the new capital will support continued development of Polaris, Behavox’s trade surveillance product launched in 2025. The platform is designed to detect market abuse across all ten major asset classes on a single AI-native system and can operate independently or in tandem with Quantum, using agentic AI to consolidate chats, emails, voice recordings, and archive records into one case. Since the start of the year, Polaris has seen pipeline growth of more than 80%.
Ardea Partners acted as investment adviser to Behavox, while Freshfields LLP provided legal counsel, with the team led by London partner Rhys Evans.
Behavox founder and CEO Erkin Adylov said, “Behavox set out to give the world’s most demanding institutions a single, AI-native platform to manage risk and meet regulatory obligations.
“HPS brings the scale, sophistication, and long-term perspective to help us reach more institutions in more markets. Their investment recognizes the strong platform we have built and positions us to pursue strategic acquisitions that expand our capabilities and accelerate global growth.”
Hercules Capital managing director Ruslan Sergeyev said, “Our partnership with Behavox has been highly successful. We congratulate Behavox and HPS on this transaction and look forward to future opportunities to partner.”
Copyright © 2026 RegTech Analyst
Copyright © 2018 RegTech Analyst
