Featurespace, a Cambridge, UK-based adaptive behavioural analytics company focused on the detection and prevention of fraud in the financial services and gaming sectors, raised £6.2m in funding.
Backers included new investor TTV Capital, which contributed £2.4m, Imperial Innovations Group plc (AIM: IVO), which committed £2.5m, Nesta and a number of members of the Cambridge Angels group.
The company intends to use the funds to expand its operations in the UK and US and to continue to grow its expansion in financial services.
Led by CEO Martina King, Featurespace provides an adaptive behavioural analytics platform which has the ability to develop an understanding of normal patterns of behaviour and anomaly detection for individuals in real time.
The company has developed a machine learning software platform, the behaviour analytics engine (ARIC), which monitors every individual, one customer at a time, to deliver real-time decision capabilities. The technology is based on Bayesian statistics and research undertaken at the University of Cambridge by the late Professor Bill Fitzgerald and Featurespace CTO David Excell.
Customer include companies such as Vocalink/Zapp, CallCredit and KPMG in financial services, and Betfair, William Hill and Camelot in gaming and lotteries.