The Irish insolvency tech startup Cerebreon has announced closing an approximate €1.69 million seed round, in a bid to help consumers, financial institutions and insolvency practitioners use data to predict and avoid bankruptcy.
Cerebreon, founded in 2016 in Donegal, provides deep learning technology to the insolvency and debt industry. Its technology automatically processes and analyses insolvency documents to predict the outcome of debt recovery and improve net margins for all stakeholders.
Its core product extracts, validates and processes all unstructured insolvency data and documents to reduce operating costs, improve accuracy, forecast portfolio recovery, reduce default levels and verify the application of Treat Customer Fairly (TCF) principles in a fully auditable and transparent way.
Gillian Doyle, Cerebreon’s CEO, said, “Our mission is to support the most vulnerable people in society to help them to avoid insolvency. Unsecured personal debt was measured at £3.6 billion – with the COVID-19 outbreak UK families are taking on increasing levels of debt to survive.”
The Irish startup was selected by Accenture’s Fintech Innovation Lab to take part in the highly competitive accelerator programme, which has provided Cerebreon unrivalled access to key staff in the largest financial institutions. The Donegal-based tech firm has also partnered with tech giant Microsoft to deliver the highest levels of security to protect sensitive personal data, using Microsoft Azure.
The recent seed funding round was led by Delta Partners and supported by HBAN led by Brian Mcdonald (of Bay Advisory and director of Cerebreon/private Angels), Western Development Commission, Consilience Ventures and Growing Capital. The startup will use the funds to boost its go to market plans and product development as the financial crisis deepens in the UK.
Kevin Monserrat, Founding Partner at Consilience Ventures commented “The current financial crisis makes Cerebreon one of the most important and relevant tech platforms and we are proud to support the acceleration of their support to UK consumers in debt”.
