Dublin based financial risk assessment platform Corlytics has secured €2.1m in Series A funding led by the Bank of Ireland Capital Growth Fund, managed by Kernel Capital. Corlytics' platform allows financial institutions to identift avoidable losses and fines.
Corlytics, led by CEO John Byrne, tapped taxpayers in July 2014, when the company secured €200,000 investment from Enterprise Ireland. The agency followed up with another €100,000 in 2015. Individual investors in the venture include Blue Insurances co-founder Rowan Devereux, Macalla Software co-founder Bryan Maybury, Mark O’Donovan and Peter Stewart. Corlytics booked a loss of €140,000 in 2015, bringing accumulated losses to €446,000. The company accounts for some of its software development investment as an intangible asset. This amounted to €1.2m in December 2015 compared with €590,000 a year earlier.