Featurespace, a Cambridge, UK-based software solutions provider, has raised £1.5m in funding.
The round was led by Imperial Innovations Group plc (AIM: IVO), which invested £750k, with participation from existing investors Nesta, Cambridge Angels and Cambridge Capital Group, as well as Mike Lynch, non-executive director of Featurespace.
The company intends to use the funding to further develop its software, build its team and drive sales.
Co-founded by Professor Bill Fitzgerald and CEO David Excell, Featurespace has commercialized technology that processes streams of data and builds predictive models to identify and influence change in customer behaviour, based on research carried out at Cambridge University.
The company is applying its technology to fraud detection and marketing analytics.
Customers include Betfair and IG Group.
In conjunction with the funding, Jon Edington, Director of Technology Ventures at Innovations, will join Featurespace’s board.