Halifax-based Analyze Re is developing technology to improve how the reinsurance industry, which provides insurance for insurance companies, analyzes huge volumes of complex data.
With investment from the province, Analyze Re plans to complete development of its product and build its customer base worldwide.
"Analyze Re's technology could change the face of an industry worth close to $500 billion and have significant returns for the province," said Economic and Rural Development and Tourism Minister Michel Samson. "Startups like this one are vital to growing Nova Scotia's economy."
Analyze Re secured a $600,000 equity investment from Innovacorp, Nova Scotia's early-stage venture capital organization. The investment was part of a larger $1.4 million round of financing, which included $250,000 from Rho Canada Ventures and $400,000 from BDC Venture Capital.
"This investment will expedite the introduction of our product to the global reinsurance market," said Adrian Bentley, CEO and co-founder of Analyze Re. "There is a great need within the reinsurance industry for stronger data analytics in order to get a complete picture of risk. By licensing our technology, our clients acquire this sophistication and are better placed to take advantage of natural market inefficiencies, enabling them to find routes to greater profitability."
Analyze Re was co-founded in 2013 by Mr. Bentley, Shivam Rajdev, and Oliver Baltzer, all seasoned veterans of the reinsurance industry.
"Analyze Re has a solid product that offers high-end analytics with boundless reach through the cloud," said Greg Phipps, investment director at Innovacorp. "This makes the needed technology accessible to reinsurance firms of all sizes--even ones not big enough to develop the analytics themselves. We look forward to being a part of the company's future success."
For further information, please contact:
T 902.424.8670, ext. 1189
Halifax, Nova Scotia, November 4, 2013