Behavox Announces Outstanding 2023 Full Year Results with 58% Revenue Growth

NEW YORK--(BUSINESS WIRE)--Behavox, a leader in AI-driven compliance and security solutions, has announced its 2023 full-year results, showcasing a remarkable 58% growth in revenues, accelerating from the 34% growth in 2022. This significant increase is a testament to Behavox's innovation and leadership in the industry.

Looking ahead, Behavox is poised to achieve profitability by March 2024, with expected revenue growth of 30-40% for the year. This optimistic outlook underscores our ongoing growth and stability as a business.

Our best-in-class financial results serve as a foundation for the significant milestones achieved in 2023 while paving the way for our continued growth in 2024:

• Major Signings: Behavox secured significant partnerships with industry giants such as BNY Mellon (NYSE: BK), Vitol, and Evercore (NYSE: EVR), showcasing global influence and dedication to providing exceptional service.
• Market Expansion in the Middle East and Commodities Sector Growth: The company strategically formed partnerships with two prominent oil and gas firms, underscoring a significant step towards global growth and reflecting the escalating demand for our product in the Commodities vertical.
• Quantum AI Product Rollout: Our rollout of GenAI and large language models (LLMs) through the Quantum AI product continues to set industry standards, offering unmatched efficiency and accuracy. In 2023, Behavox's AI-driven solutions played a pivotal role in assisting several leading banks in the US, Europe, Latin America, and Japan to pass their regulatory inspections. Our software, with GenAI at its core, was accepted by regulators as an effective risk control tool that adheres to strict compliance standards and was approved for use in production.
• Behavox Intelligent Archive: With the launch of the Behavox Intelligent Archive, developed in partnership with Google Cloud, we are offering a comprehensive end-to-end communications archiving and surveillance system, enhanced with our state-of-the-art AI technologies. This product is what the market has always wanted, now delivered with the most advanced AI integration.
• Behavox Voice20 Breakthrough: Behavox Voice20's best-in-class transcription results and its unparalleled alert quality, especially when integrated with our Quantum AI product, represent a breakthrough in voice analysis technology. These advancements demonstrate our ability to deliver unprecedented quality in voice surveillance.
• Foundation Model Launch: In 2024, as Behavox celebrates its 10-year anniversary, we will introduce our own foundation model, built from the ground up by the Behavox AI Research team. This model, designed for customization, will enable our customers to tailor it for specific use cases in compliance and front-office applications. Demonstrating its versatility and intelligence, the model has successfully passed CFA, CPA, and Series 7 exams. Additionally, it can be deployed in any cloud environment controlled by our customers, offering them greater flexibility and control.

Our management team is more confident than ever in Behavox's future. We remain committed to investing in groundbreaking software that redefines industry standards and drives value to customers.

Reflecting on the significant achievements of the past year, Erkin Adylov, CEO and Founder of Behavox, expressed his enthusiasm about the company's progress. "2023 was a defining year for Behavox. We not only signed major customers, enhancing our market presence but also continued to secure approvals for the deployment of our AI technology in production at leading financial institutions. These milestones underscore our growing influence in the industry," said Adylov.

About Behavox

Behavox is the leading provider of AI-driven compliance and security solutions. We empower organizations to proactively detect and mitigate human risks. Leveraging large language models and generative AI, Behavox is transforming how compliance and security teams manage risks and safeguard organizational integrity. Our innovative products, including Behavox Quantum and Behavox Insider Threat, continue to shape the future of compliance and security risk management. To learn more about our vision and solutions, please visit www.behavox.com.