Behavox Raises $175 Million from HPS Investment Partners, Part of BlackRock, to Accelerate Global Growth

Behavox, the AI-native controls platform for global banks, asset managers, hedge funds, and commodity firms, announced a $175 million preferred equity investment from investment funds and accounts managed by HPS Investment Partners, a leading global credit investment firm and a part of BlackRock (“HPS”). The completed investment positions Behavox to accelerate global growth, expand its Unified Controls Platform, and pursue disciplined M&A.

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With this investment, HPS joins a roster of leading institutional investors on Behavox’s cap table, including SoftBank, Citigroup, Index Ventures, and Hoxton Ventures.

“Behavox set out to give the world’s most demanding institutions a single, AI-native platform to manage risk and meet regulatory obligations,” said Erkin Adylov, Founder and CEO of Behavox. “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.”

As part of the completed transaction, Behavox fully repaid and retired its $70 million venture-debt facility with Hercules Capital Inc. (NYSE: HTGC), further strengthening its balance sheet. Behavox secured a $70 million credit facility from Hercules Capital in autumn 2024 to support strategic expansion, including its acquisition of Mosaic Smart Data and its strategic investment in b-next. Together, those transactions accelerated Behavox’s move into trade surveillance by adding FICC front-office analytics and deep capital markets trade surveillance expertise.

“Our partnership with Behavox has been highly successful,” said Ruslan Sergeyev, Managing Director at Hercules Capital. “We congratulate Behavox and HPS on this transaction and look forward to future opportunities to partner.”

Behavox has been profitable since 2023, using that financial strength to reinvest in R&D, product expansion, and global market growth. The HPS investment is the company’s first equity financing since 2020, when SoftBank invested $100 million. Since then, SoftBank has remained a strategic partner as Behavox grew the business sevenfold, with the relationship extending beyond capital to include SoftBank Investment Advisers in the UK and SoftBank Corporation in Japan as Behavox customers.

The HPS investment will support Behavox’s next phase of global expansion, including further M&A and continued investment in Polaris, its trade surveillance product. Behavox introduced Polaris in 2025 as a next-generation trade surveillance platform that supports market abuse detection across all 10 major asset classes on a single AI-native platform. Polaris can operate independently or alongside Quantum, Behavox’s communications surveillance product, using agentic AI to pull related chats, emails, voice, and archive records into a single case.

With pipeline growth of more than 80% since the beginning of the year, Polaris has demonstrated strong market demand for one governed workflow that unifies communications and trade surveillance.

Ardea Partners served as investment advisor to Behavox. Freshfields LLP served as legal counsel to Behavox on the transaction. The Freshfields team was led by London partner Rhys Evans, and associates Jo Lee, Jennifer Okoye, Megan Rodgers and Jonathan Stelzer, with support from Ethan Klingsberg, Co-Head of US Corporate and M&A.

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