Miramichi-based fintech company Patchell Brook Equity Analytics has raised $360,000 in equity funding, including a $150,000 contribution from the New Brunswick Innovation Foundation.

NBIF announced the funding Tuesday that said the other investors in the round were: the Miramichi Technology Fund, an investment fund established by former New Brunswick Premier Frank McKenna and overseen by the Wallace McCain Institute; Technology Venture Corporation, a private investment group based in Moncton; and a number of angel investors.

CEO Brian Donovan, who was previously executive director of Enterprise Miramichi, founded Patchell Brook in 2013. NBIF, which first invested in the company in 2017, said it has grown its revenue substantially in the past two years, built a promising pipeline of customers, and completed additional product development to help scale more affordably.

 “Brian has proven himself over the past five years, followed through on what he said and pivoted when needed,” said Nancy Mathis, Executive Director of the Wallace McCain Institute.

Patchell Brook has developed a digital product called StockCalc that aims to take the uncertainty out of equity valuation for publicly traded companies. The software can produce 8,000 valuation reports each night, as well as 800 ETF reports and 146 industry reports each week. Most recently, StockCalc has introduced a new application program interface, which allows users to create more valuable reports and programs.

StockCalc performs fundamental analysis, which is the process of assessing a company’s appropriate price on the basis of its overall health. The algorithm uses a weighted average of six criteria, such as cash flow and the pricing of other, comparable stocks.

Users pay a subscription fee that gives them access to reports detailing the results of the technical analysis.

“The big thing about this investment that intrigued us is that they’ve developed an API which is attracting large customers,” said NBIF Investment analyst Daniel Hoyles in a statement. “With the new API, there are opportunities to begin embedding that software in other fintech tools. They also have a strong early adopter customer relationship with the Globe and Mail, and they just keep continuing to build interest from other large customers.”

In an email, Donovan said the company now employs six people – five of them full-time – and has recently added a sales person. It has also contracted two lead generation firms to help develop its sales pipeline.

Patchell Brook will use the investment largely in sales and marketing, said Donovan.

“Over the next year, we’re looking forward to continuing to grow our customer database and improving our platform to make it even more valuable for users,” said Donovan. “We’re thankful to NBIF for their ongoing support and guidance.”