Dublin-headquartered regulatory planning firm Corlytics is reportedly set to book a €10 million capital injection by the end of Q1 2020. This, after the firm has recorded its most successful financial year.
The trained artificial intelligence (AI)-powered platform for regulation leverages human expertise and combines it with AI in order to measure, predict and determine possible regulatory outcomes and their expected impact.
The Regtech firm recently extended its services beyond traditional banking to add asset management products, Big Four accountancy players, established payments processors, and large insurance firms to its client base. The firm has also tripled its year-on-year earnings.
During the past year, the company has also acquired €2 million in capital from the Disruptive Technologies Innovation Fund, which is managed by Enterprise Ireland.
John Byrne, CEO at Corlytics stated:
“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.”
As noted on Corlytics’ official website, the company uses risk weights which are used to find the “highest priority regulatory themes to enable better regulatory outcomes for regulators and regulated firms.”
Corlytics also analyzes global regulatory notices using its regulatory taxonomy and advanced analytics, in order to “extract relevant intelligence to rate the risk of regulatory concerns.”
As explained on its website, Corlytics uses risk-based analysis of “critical and emerging” regulatory topics to help companies in designing and prioritizing audit, risk and compliance initiatives and investments. The company also offers access to appropriate, analyzed regulatory notices.