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Cerebreon the Irish deep learning startup raises £1.5m in seed funding

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by Startacus Admin

Cerebreon screen

£1.5m seed funding raised by innovative startup that's helping to predict and prevent insolvency...

Good news for Cerebreon, the insolvency technology startup with the announcement that they have raised £1.5m in seed funding in a bid to scale support to the UK's most vulnerable consumers to avoid bankruptcy.

cerebreon imageThe Irish startup 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."

cerebreon picSince being selected to take part in Accenture's Fintech Innovation Lab, the startup has had unrivalled access to key staff in some of 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 £1.5m seed round was led by Delta Partners and supported by HBAN/private Angels, Western Development Commission, Consilience Ventures and Growing Capital.

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."

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Published on: 31st March 2020

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