Cambridge-based GeoSpock, a data integration platform that provides analytics, builds insight and enable predictions across space and time, has scored an additional $6.6m in Series A funding.
The startup, which has raised $13.2m to date, drew support from lead investor Cambridge Innovation Capital and existing backers Parkwalk advisors and Sir Michael Marshall.
Strategic investors Global Brain and 31 Ventures also took part in the financing round.
The platform is currently being used by customers in the mobility, smart city, AdTech, financial services, telematics and telco sectors.
Dr Steve Marsh, founder and CTO of GeoSpock, commented: “It’s no longer enough to talk about big data; businesses are dealing with petabyte-scales of information and are seeking ways to extract meaningful answers from their data assets, which has to date been a costly and time-consuming process.
“GeoSpock’s architecture simplifies this process by improving speed and accuracy of analysis to drive high-quality actionable insights – unlocking the potential of extreme data across a wide variety of industry sectors.
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“The completion of this funding round enables GeoSpock to continue its rapid growth and provide mission-critical solutions to help power smart infrastructure and future mobility services.”
GeoSpock’s proprietary data engine is allegedly able to analyse vasts amounts of contextual data in ‘sub-second’ response times. It also, the company says, has the ability to improve AI, enabling the use of data to inform new systems.
Richard Baker, CEO at GeoSpock commented on the round’s closure: “The investment underpins GeoSpock’s significant growth projections, with a focus on developing and growing its commercial and engineering teams in the UK, Europe, Japan, and the US. We are privileged to have such a strong portfolio of investors with us on this stage of the journey.”
Victor Christou, CEO of Cambridge Innovation Capital (CIC), went on to explain the nature of the investment: “GeoSpock’s products allow companies to assess and predict geographical demand rapidly to improve management and allocation of resources.
“The opportunity presented by the analysis of geospatial data is huge and GeoSpock is at the forefront of this innovation, helping companies use these insights to simplify the complexity of data and make better commercial decisions as a result. We welcome Global Brain and 31 Ventures, bringing their expertise to help GeoSpock develop within the Asian market,” Christou concluded.
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