Ellipsys just announced that, with the support of nyuko, it has raised 150,000 euros, which will help the startup conquer the business intelligence market. The young FinTech startup, which offers innovative business intelligence software, will use the new funds to accelerate development of its software. (Picture: Theophile Gros, partner at Ellipsys, during the Start Up Show 42 on April 6, 2016 Metz © nyuko)
The amount of data in computer systems is doubled every year, but only 30% has added value. With twenty years of experience in business intelligence, the founder of Ellipsys, Samuel Morin, has developed software to sort and optimize business information systems. His partner, Theophile Gros, left his position of Regional Director at Decathlon (France) to support the commercial side of the project.
The startup is challenging the conventional information technology audit solutions, which have the reputation of being time-consuming and expensive. Ellipsys’ tools are easy to use and help users in the financial and retail sectors manage their data.
Ellipsys is a key solution for banking players in the market and we are proud to contribute to the startup’s success.
With already two major clients to its credit, Ellipsys just completed a first closing of EUR 150,000. “These funds are intended for the recruitment of developers and integrators, who we need to help us handle the numerous requests we receive from banking institutions,” said Gros. The team asked nyuko, a startup accelerator in Luxembourg, to guide them throughout the entire fundraising process, from the many iterations of the pitch deck to the review of the letters of intent ahead of the shareholders’ agreement. “Ellipsys is a key solution for banking players in the market and we are proud to contribute to the startup’s success,” said Nicolas Valaize, head of nyuko’s funding program.
To support his rapidly developing business, Gros sought out mentoring from BusinessMentoring, a mentorship program well-recognized in Luxembourg’s IT industry. He regularly discusses the issues he faces as an entrepreneur with his mentor.
Ellipsys plans to enhance its current product offerings by introducing compliance tools, which can be used by the very same customers who are already using the startup’s information technology audit software. Recent agreements with the EIB and BNP Paribas BGL give legitimacy to Ellipsys’ small team of five employees, all based in Luxembourg. They are currently recruiting two developers.