PayAnalytics announced getting funded with $525k by the New Business Venture Fund.

PayAnalytics, a Reykjavik, Iceland-based company providing a SAAS solution for the HR managers, announced in a press release the completion of a $525k financing round.

The funding was backed by the Icelanding venture company The New Business Venture Fund (Nýsköpunarsjóður).

PayAnalytics, founded in 2016 and led by CEO Sigurjon Palsson, makes compensation analytics software that helps companies monitor and address gender pay gaps, by bringing transparency and consistency to their pay structure. ts solution is already helping over 50 companies and organizations in Iceland close the gender pay gap, employing a total of 30,000 staff, or about 14% of the Icelandic labor market.