Prediction Dynamics closes EUR2 million funding round

Prediction Dynamics closes EUR2 million funding round

Dublin-based trading and risk management technology vendor Prediction Dynamics has closed its series A funding round with a second phase injection of EUR1.34 million from ACT Venture Capital and Enterprise Ireland. The investment brings the total venture capital raised by the company to EUR2 million over the two stages of the deal.

The funding round was led by ACT Venture Capital, which has followed up its first tranche investment of EUR650,000, announced in June 2001, with a further EUR700,000.

Prediction Dynamics says the new funds will enable it to bring its financial prediction infrastructure product, Crucible, to the global market. The software has applications in systematic trading, quantitative research, decision support and risk management and enables trades to be established in accordance with a predetermined logical framework.

Kieron Branagan, investment director, ACT Venture Capital, comments: "Taking a complex scientific and mathematical idea from the research stage to a shipping product in under 18 months is a remarkable achievement. It is reassuring for the investors to see that...the Prediction Dynamics team has also made significant progress in its sales and marketing efforts in recent months."

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