Corlytics, whose platform enables financial institutions identify avoidable losses and fines, has raised €3 million in additional equity capital.

The funding round was led by existing investor, the Bank of Ireland Capital Growth Fund managed by Kernel Capital. Kernel has injected €1,650,000, having previously invested €250,000. Kernel Capital was advised by law firm LK Shields.

Cyril McGuire’s investment vehicle Infinity Capital invested €750,000 in the December 2016 funding round. Galway investor Gerard Barry stumped up €76,000, according to filings, with other private investors contributing the balance..

Founded in 2013 and based in NovaUCD, Corlytics’ technology assists banks to minimize regulatory breaches by using predictive risk analytics applications to evaluate, benchmark and manage market risk.

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.

In Association with

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.

Equity capital at the end of 2015 was €850,000. Convertible loan notes and shares classified as financial liabilities amounted to €550,000.

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Photo: Kernel Capital’s Ger Goold (left), John Byrne, David Mountjoy from Bank of Ireland and EI’s Leo McAdams (right)