SPIN Analytics Named 2018 VentureClash Semi-finalist
By FF Newsroom · 13 July 2018
SPIN Analytics, which has developed RISKROBOT a complete solution for automating Credit Risk Model development, validation and management, today announced that it has advanced to the semi-finalist round of the 2018 VentureClash competition. VentureClash, managed by Connecticut Innovations, is a $5 million global venture challenge for early-stage companies in financial technology.
SPIN Analytics developed RISKROBOT, a credit risk modelling, validation and management AI platform for regulatory risk requirements in the aftermath of the recent financial crisis. The product is based on more than 25 years of credit risk-modelling experience and R&D by the team and on their collective work across major multinational banks. RISKROBOT is a game-changing innovation for the Credit Risk Management industry as it optimizes model development and maintenance time by up to 90% and minimizes total direct and indirect costs by more than 70%.
There are three primary components to the product:
- Data management such as data ingestion, cleansing, normalization and homogenization, culminating in a highly performant, optimal Credit Risk Data Warehouse
- Automatic Model Development via optimal modelling techniques and regulation matching
- Fully automated Regulatory & Audit documentation report creation
The VentureClash competition attracted nearly 300 applications from more than 20 countries around the world. SPIN Analytics was one of the 34 companies selected for the next round.
“Each year, the application pool gets stronger and stronger for VentureClash, and this year is no exception,” said Matt McCooe, CEO of Connecticut Innovations. “We’re extremely excited about our semifinalists this year and look forward to getting to know SPIN Analytics during the process.”
“We are excited to participate in VentureClash 2018 challenge. Risk management is at the forefront of banking innovation and Banks constantly strive to increase shareholders’ and customers’ value by decreasing internal costs, while extensively applying innovative technologies. We developed RISKROBOT to bring agility and efficiency in the banking sector and the first results of our traction have proven to be quite significant for our global customers”, said Panos Skliamis, CEO & Co-founder for SPIN Analytics.
VentureClash 2018 finalists will be announced on September 7, and those chosen will compete at the VentureClash finals event, to be held on October 18, 2018, at the Yale School of Management in New Haven, Connecticut.
About SPIN Analytics
SPIN Analytics was established by a team of seasoned professionals with extensive track-records in international banking, credit risk management & analytics, advanced software development and digital transformation.
RISKROBOT is an AI-driven platform that fully automates the Credit Risk Management lifecycle of financial institutions and corporations.
RISKROBOT drastically reduces the time for data cleansing, model development & documentation by several orders of magnitude from months to days, boosts regulatory compliance, eliminates manual efforts, radically improves the agility, capacity & efficiency of Credit Risk Management and enables banks to increase the accuracy of their forecasts. Learn more at http://spin-analytics.com/
SPIN Analytics has gained significant early traction with many of the largest global banks and has been widely recognised as a leading FinTech company by some of the best FinTech Open Innovation initiatives including MONEY20/20, BBVA Open Talent in AI, Protechting by FOSUN and Hauck & Aufhäuser, Start & Pulse by Credit Agricole Group and other Big Tech providers.
About VentureClash
Managed by Connecticut Innovations, VentureClash is Connecticut’s global venture challenge focused on early-stage companies. The challenge identifies high-potential companies in digital health, fintech, insurtech and the Internet of Things that will receive investments from a $5 million investment award pool. Learn more at www.ventureclash.com.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is Connecticut’s strategic venture capital arm and is the leading source of financing and ongoing support for innovative, growing companies. CI provides venture capital and strategic guidance for early-stage technology companies, and connections to its well-established network of partners and professionals. For more information, visit www.ctinnovations.com.