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.
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Corlytics raises €2.1m Series A
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.
