Cambridge-based Featurespace have completed a £3m investment round to expand overseas
The investment has been led by Imperial Innovations who put forward £1.7m. The remainder of the funds were raised by Nesta and angel investors.
Dr Mike Lynch and Andrew Hodson are two of a number of angels involved in the round from Cambridge Angels group.
Lynch is the founder and former CEO of Autonomy, who use similar technology to Featurespace. In 2012, Lynch was accused of impropriety by HP after they bought Autonomy.
Hodson was a former investor in DeepMind Technologies, a UK artificial intelligence start-up which was sold to Google in January 2014.
Featurespace is pioneering a new form of data analysis ‘Adaptive Behavioural Analytics’ which has the ability to predict what an individual or group will do next, based on an understanding of normal patterns of behaviour.
The software develops an understanding of what is normal for each customer or group of customers, and constantly updates this understanding as new information or transactions occur.
It has a number of applications, including tracking fraud, gambling and churning.
Martina King, CEO of Featurespace, explained that the investment will help the company grow abroad:
Featurespace has made good commercial progress in the past 12 months and this investment will enable us to further expand our customer base across various market sectors.