LONDON, March 31, 2020 /PRNewswire/ -- Insolvency technology startup Cerebreon close final funds in £1.5m Seed round in a bid to scale support to the UK's most vulnerable consumers to avoid bankruptcy.
Cerebreon is working with consumers, financial institutions and insolvency practitioners, to deploy their deep learning platform to help predict and prevent insolvency ahead of time.
Gillian Doyle, Cerebreon 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 £3.6Bn - with the COVID-19 outbreak UK families are taking on increasing levels of debt to survive."
She went on to say, "By supplying data, debt insight and insolvency predictions to creditors as well as the insolvency industry, we can have a direct and positive effect on financial wellbeing and ultimately survival as a result of breaks in family incomes."
The Irish startup were 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.
Former BlackRock Managing Director, Scott Condron, commented, "Cerebreon has identified how digitization and data can be used to fundamentally alter the outcomes for debt distressed consumers, allowing more to emerge from insolvency and increasing recovery rates for creditors. Tech for good in action."
The Donegal based tech firm have partnered with tech giant Microsoft to deliver the highest levels of security to protect sensitive personal data, using Microsoft Azure.
The £1.5m seed round was led by Delta Partners and supported by HBAN/private Angels, Western Development Commission, Consilience Ventures and Growing Capital who have invested in the Irish deep learning startup to boost 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."
Founded Jan 16, Donegal, Ireland with a mission to have a positive impact on the lives of consumers by increasing the success rates of insolvency arrangements.