Corlytics to raise further EUR10 million
Dublin based fintech, Corlytics, has closed its most successful year on record, tripling revenue year on year and has secured cash injection of EUR10 million, which is expected by the end of the first quarter.
2019 has seen the company add a string of banks to its impressive financial services client list. It has branched out beyond banking to add asset managers, Big Four accountancy players, payments providers, and insurance giants.
The company has extended its global leadership position in regulatory risk intelligence, through advancing its technology. As a disruptive artificial intelligence regulation platform, the company has won a string of awards over the last 12 months including a EUR2 million funding from the Disruptive Technologies Innovation Fund following a rigorous, highly competitive process.
Funded until 2023, the initiative will be led by a consortium of leading data scientists, SMEs and technology experts. The trained AI platform for regulation, combines human expertise with artificial intelligence to demystify laws and regulations enabling firms to deliver effective regulatory outcomes while protecting consumers.
John Byrne, CEO of Corlytics, says: “Last year the company enjoyed phenomenal success. Adding a string of blue-chip banks, accountancy, insurance and payments companies to our client roster. We were extremely proud to be the only fintech company selected as one of 15 innovative companies to receive funding from the government’s Disruptive Technology Research Fund. Selected for our work in AI and text analytics. Over the course of the year we attracted new investors and we are currently finalising a new funding-round of 10 million euros from a number of global funds. This will allow us to continue to globalise our operations, extending the team to 60 including doubling our talented Dublin workforce.”