Aylien, a Dublin-based provider of AI-powered risk intelligence and financial analytics, has raised a €5 million Series A round led by Finch Capital, with support from existing investors: Atlantic Bridge University Fund, SOSV, and Enterprise Ireland. Finch Capital’s Hans De Back is joining Aylien’s board of directors.
The Irish fintech has developed an AI platform that scans world news and current events to alert businesses of any impending risks. Aylien analyses the world’s news in 14 languages from over 160 countries using its proprietary natural language processing (NLP) and machine translation technology.
In turn, users learn about events and can investigate and quantify their potential impact, before such news even breaks in mainstream local media.
That isn’t the only use case for Aylien, though. The news intelligence platform offers reputation screening, wherein it monitors negative press mentions of individuals or organisations, and also assists with investment portfolios, providing buy/sell signals and insights to analysts, asset managers, and retail investors.
Founder and CEO Parsa Ghaffari explained, “We’re seeing a big shift towards utilizing alternative sources of data such as news in risk management and finance applications, which have for the most part remained untapped given the complexities of this kind of data.”
In 2019 the startup formed partnerships with leaders in the risk and finance space including Microsoft, Aon, and most recently Revolut, the one of the fastest growing fintech companies in Europe.
“Aylien’s news intelligence solution allows us to provide relevant, timely, and trusted news updates for our wealth and trading customers, that help them make informed decisions when trading in the Revolut app,” said Andre Mohamed, Head of Wealth & Trading at Revolut.
Commenting on how the Series A will be used, CEO Ghaffari continued, “This new round of funding will enable us to further develop our platform, as well as to expand into the US and UK markets where most of our customers are based. We’re very excited to partner with Finch Capital, who are experts in the FinTech and InsureTech domains.”
Mike Brennan, Principal at Finch Capital, said: “Finch Capital are delighted to lead the latest investment round in Aylien and to back such a technically talented team. Aylien have developed world leading Artificial Intelligence and Natural Language Processing technology which we believe has exciting applications across risk management, finance, and intelligence. We anticipate significant growth in AI, comparable to the FinTech wave of the last five years, and expect to double down on European AI over the next three to five years. We look forward to working closely with Parsa and the team to continue to scale the business globally.”