4 min read
Birmingham Startup Synapse Awarded £250k Innovate UK Grant
Founded in 2012 by serial entrepreneur Brian Donnelly, Synapse currently employs 20 people. Its largest clients include a high street bank and a leading Swedish furniture retailer. The £248,691 Smart Grant award will provide 45 per cent of the total research and development costs for ‘Cloud CFO’; a new technology that will enable the group finance function to automate the consolidation process at both entity and group level.
Brian Donnelly, CEO of Synapse said: “Our existing spreadsheet collaboration product enables an unlimited number of users from one company to work on the same spreadsheet simultaneously, while always providing one version of the truth. All changes to the document are attributed to the user, in order to establish an audit trail. The cloud-based solution also eradicates the margin for error when trying to manage version control.”
“The new technology that this Innovate UK Smart Grant will enable us to develop is for the group corporate finance team and the heads of finance from each entity. Rather than the consolidation of group finances being such a painstaking task at the end of each month, Cloud CFO will identify the relevant information from individual group entities’ financial data and automate the process.”
The concept for the new technology has been developed by Synapse’s team of software engineers, with input from Tineke Booth; the company’s Finance and Operations Manager, who recently joined the start-up from KPMG.
In addition to Cloud CFO’s main function of consolidating group accounts data, a proportion of the 18 month project will be allocated to developing new semantic code. This functionality provides the capability of analysing publicly available company financial statements for the purposes of industry benchmarking and identification of businesses for potential mergers and acquisitions.
The previous linked spreadsheet business founded by Brian Donnelly – Constellar – was relocated from the UK in order for it to grow exponentially in Silicon Valley. Over a series of investment rounds with US venture capitalists, he raised a total of $30 million, enabling the team to grow to 160 with a customer base of 70 large clients, before he exited the business and subsequently returning to the UK.