Iris Software Inc.

Iris Software Inc. , based in Edison, US, specializes in IT services and solutions that drive digital transformation across various sectors, including banking and financial services. Founded in 1991, Iris Software Inc. provides IT solutions focusing on digital transformation.

The company has consistently evolved its offerings to meet industry demands, particularly in enterprise DevOps and generative AI technologies. Iris Software operates from its headquarters in Edison, US. Iris Software offers a comprehensive suite of IT services and solutions designed to facilitate digital transformation for various industries, particularly in banking and financial services. Their core product offerings include enterprise-grade DevOps for scalable blockchain distributed ledger technology (DLT), a generative AI platform aimed at enhancing risk management and business operations, and low-code development tools that streamline policy administration and improve partner onboarding.

These solutions are tailored for use in sectors such as banking, logistics, insurance, and professional services, serving a diverse clientele that includes Fortune 500 companies and leading financial institutions across North America, Europe, and Asia. The generative AI capabilities are particularly focused on reducing operational bottlenecks, such as expediting API onboarding processes from several days to just 1-2 days, and enhancing the overall customer experience through digitized onboarding and real-time analytics. Iris Software generates revenue through various models, primarily focused on B2B transactions with enterprise clients. Their business operations include subscription-based services for their generative AI platform and consulting fees for their managed services.

Clients engage with the company under structured agreements that may involve multi-year contracts for ongoing support and updates, allowing for predictable revenue streams. For instance, a financial institution may subscribe to Iris’s generative AI platform, which provides risk management capabilities, while also contracting for additional services such as cloud data analytics and application managed services. The transactional structure typically involves upfront fees for initial setup and integration, followed by recurring payments for continued access to services and ongoing technical support. Iris Software is focused on expanding its product offerings, particularly by enhancing its generative AI platform to deliver additional features by the end of 2024.

The company plans to penetrate new markets in Europe and Asia, aiming for a significant presence in those regions by 2025. Recent funding from their latest round will be allocated to support the development of these new products and facilitate market entry strategies.