Today the Genesis Centre, Memorial University's support network for technology-based businesses, held a graduation ceremony for Verafin Inc., its 17th graduate company.
Verafin specializes in anti-money-laundering and fraud detection software for the financial services industry. Their product is an innovative solution that combines advanced artificial intelligence technologies with sophisticated pattern recognition techniques. It facilitates compliance with international anti-money laundering laws and protects financial institutions against banking fraud. Verafin is a leading provider in the Canadian marketplace and is rapidly growing its US customer base.
The company was founded in 2002 when David Kelly, a Memorial alumnus with extensive experience in the banking industry, saw a need for more sophisticated anti-money-laundering software. In co-operation with Memorial’s Faculties of Business and Engineering, a team was put together which included Jamie King as president, as well as Raymond Pretty and Brendan Brothers. Mr. Kelly continued to be involved with the company as mentor.
Verafin recently received a significant equity investment from Killick Capital Inc., a St. John’s-based investment firm. This investment will allow Verafin to pursue a more intense marketing strategy outside Canada to help establish itself as a key player in other international markets.
The company received financial assistance from the Atlantic Canada Opportunities Agency (ACOA), the National Research Council of Canada, the provincial government’s Department of Innovation, Trade and Rural Development and Precarn Incorporated, an industry-led consortium which supports technology development.
"Canada's new government is pleased to support the development of technology-based businesses like Verafin. We applaud the work of the Genesis Centre at Memorial University which helped Verafin succeed in developing anti-fraud technology and solutions." said the Honourable Loyola Hearn, minister of Fisheries and Oceans and regional minister for Newfoundland and Labrador, on behalf of the Honourable Peter MacKay, minister of Foreign Affairs and Minister of ACOA.
Dr. Axel Meisen, president and vice-chancellor of Memorial, and Fraser Edison, chair of the Genesis Centre’s selection board, congratulated the company on its achievement. The graduation ceremony was held this afternoon in the Genesis Boardroom in Spencer Hall at Memorial’s St. John’s campus.
“This is a great example of how Memorial alumni contribute to the creation of advanced technology industries in our province”, Dr. Meisen said referring to Verafin’s founding. Mr. Kelly supplied a great idea and seed capital to help this business get started. Memorial is proud of the success that Verafin has achieved to date and pleased to recognize that the entire management team are Memorial graduates.”
Mr. King, co-founder and president of Verafin, said “we are extremely appreciative of the invaluable guidance, assistance and resources that both David Kelly and the Genesis Centre provided the company in our early days”.
The Genesis Centre is a division of GENESIS Group Inc., the technology commercialization arm of Memorial University. The Genesis Centre has helped its clients secure private investment in excess of $5.5 million since its inception in 1997.