Ellipsys, a young FinTech offering based in Luxembourg's Nyuko incubator and which has conceived an innovative Business Intelligence software, has raised €150,000 to accelerate its development.
The amount of data in computer systems is doubled every year, buth with only 30% value added. With twenty years of experience in Business Intelligence, the founder of Ellipsys, Samuel Morin, has developed software to sort and optimise business information systems. His business partner Theophile Gros left his position of Regional Director at Decathlon (France) to support the commercial part of the project.
The start-up poses a challenge to conventional audit solutions, based on time-consuming and onerous tasks. Its tools ensure the ease of use and maintenance of data for the financial and retail sectors.
With already two major clients to its credit, Ellipsys has just completed a first round of funding of €150,000. "These funds are intended for the recruitment of developers and integrators to meet the numerous requests we receive from the banking institutions," said Theophile Gros. The team uses nyuko, start-up accelerator in Luxembourg, to accompany it throughout the growing process, from producing many iterations of the pitch-deck to reviewing letters of intent ahead of agreeing new shareholders. "Ellipsys is a key solution for banking players in the market and we are proud to contribute to this success," said Nicolas Valaize, head of the nyuko funding programme.
After the audit of information systems, Ellipsys provides compliance tools to the same customers, as legal requirements are becoming more numerous. Recent agreements with the EIB and BGL BNP Paribas confirm the legitimacy of the team that has increased employee numbers in Luxembourg to five and is currently recruiting two developers.
Photo: Théophile Gros, Ellipsys, at the Start Up Show 42 in Metz on 6 April 2016.
