Irish-linked firm targets $100m revenue
HIGH growth potential data analytics firm Galytix, which has Irish links, has secured post-angel funding of more than €1m from a range of private individuals.
Backers of the company, which is targeting revenue of $100m within five years, include Irishman Keith O’Donnell of Luxembourg-based tax advisory firm ATOZ.
Matt Moran, the former chief financial officer of Anglo Irish Bank and now PWC partner in Luxembourg, is a member of the company’s advisory board.
Galytix chief executive Raj Abrol said the firm’s technology is aimed at insurance and banking and described the business as the “Bloomberg of risk”. The company already has relationships with several global insurance firms and Abrol said the next step is to “embed ourselves in large global insurers and banks”.
The AI-based smart data analytics business uses machine learning to curate and synthesise unstructured and structured data. Structured data would come from annual reports, for example, while unstructured data comes from non-traditional sources such as Google searches.
Currently based in London and India, Abrol said the company may open a base in Ireland. “With Brexit coming, we have to really think about how we serve our non-UK clients. And we do need a European hub and the Irish story blends well with that aspiration in mind. From an Irish perspective the access to talent is a significant point. It’s not just a government, regulatory environment, it’s more about building a team.”
The company was set up in 2015 and he said the company’s current intrinsic value is around €10m.
Abrol said O’Donnell will support future funding rounds. “His background is in consulting and tax and he’s been engaging with us, understanding how we are looking to build the Bloomberg of risk. And he has gotten really excited about it.”
In a statement Moran said: “We have supported Raj and the Galytix team over the past 12 months on various strategic assignments and are delighted that they have been successful in achieving this key milestone for the business.”