NovaUCD-based Corlytics Ltd gets €1m in seed funding from BoI
30 June 2015
Kernel Capital has confirmed a €1 million syndicated investment in NovaUCD-based Corlytics Limited (‘Corlytics’), a financial software company. The investment is through the Bank of Ireland Seed and Early Stage Fundwith co-investors Enterprise Ireland, angel investors and company founders.
Founded in 2013, Corlytics has developed a platform which enables global financial institutions to identify avoidable losses and fines. The company’s technology empowers banks to minimise regulatory breaches by using predictive risk analytics applications to evaluate, benchmark and manage market risk. The company, which is the only global source of third-party data and associated analytics, plans to double its staff to 30 in order to support its growth plans.
Headquartered in Dublin with offices in London, New York and Boston, Corlytics is the main industry data provider referenced in the Bank of England’s Fair and Effective Markets Review, which was released earlier this month.
Commenting on the announcement, John Byrne, CEO, Corlytics Limited said: “We are very excited about Corlytics prospects in this new growth market. We are delighted to have a partner like Kernel Capital, who together with Enterprise Ireland have been key in helping us prove our solutions with key initial clients.”
Ger Goold, partner, Kernel Capital added: “Corlytics is an excellent start-up, developing a novel product which addresses a very large and unmet market need, assisting financial institutions in the difficult task of satisfying regulatory requirements. Kernel Capital through the Bank of Ireland Seed Fund is pleased to support innovative Irish fintech companies like Corlytics as they expand internationally.”
Welcoming the announcement, Leo McAdams, manager of financial services, Enterprise Ireland said: “It is fantastic to see the progress that Corlytics has made through the creation and implementation of innovative technology. This expansion plan will enable Corlytics to further consolidate its presence in key export markets. Corlytics is an excellent example of the type of Fintech company we are supporting under the International financial Services Strategy (IFS2020).”
Donal Duffy, head of Enterprise Ireland relations at Bank of Ireland, added: We’re impressed by the ingenuity of the emerging companies supported through the Bank of Ireland Seed and Early Stage Fund. This fund has helped a diverse range of portfolio companies and entrepreneurs in several growth sectors. The latest investment in Corlytics once again underlines how a niche offering can succeed with the right mix of intelligence, innovation and entrepreneurial spirit.”http://www.engineersjournal.ie/2015/06/30/novaucdcorlytics-e1m-seed-funding/http://www.engineersjournal.ie/wp-content/uploads/2015/06/UCD-111.jpghttp://www.engineersjournal.ie/wp-content/uploads/2015/06/UCD-111-300x300.jpgNewsDublin,funding,investment,NovaUCD