Halifax, Nova Scotia-based reinsurance company Analyze Re secured USD 1.4 million in its financing round. The round was led by early stage venture capital firm Innovacorp, Rho Canada Ventures and BDC Venture Capital. Innovacorp provided an equity investment of USD 600,000 while BDC Venture Capital pledged USD 400,000. Rho Canada Ventures, meanwhile, gave USD 250,000 for the reinsurer.

Analyze Re said it would use proceeds of the round to finish product development and establish its global customer base. The company is currently developing technology that would provide solutions for big data analysis in the reinsurance industry.

Nova Scotia Economic and Rural Development and Tourism Minister Michel Samson said startups like Analyze Re would help grow the economy. He said, "Analyze Re's technology could change the face of an industry worth close to $500 billion and have significant returns for the province."

Analyze Re Chief Executive Officer and Co-Founder Adrian Bentley said the reinsurance industry needed more robust data analytics to completely understand the risk. He added, "By licensing our technology, our clients acquire this sophistication and are better placed to take advantage of natural market inefficiencies, enabling them to find routes to greater profitability."