Machine Learning Company Featurespace has Raised $21.6M from a Funding Round
Featurespace, the leading machine learning company for fraud prevention, has raised £16.5 million ($21.6 million) from a funding round led by Highland Europe, the venture capital firm that invests in growth businesses.
Worldpay Group plc, a leading global payment processing company, and Invoke Capital also participated in the round as new investors. The round also includes further funding from existing investors including Touchstone Innovations plc, NESTA, TTV Capital and Robert Sansom. The funds will be used to support Featurespace’s international expansion and continued development of the company’s software capabilities.
Featurespace’s real-time, ARIC™ platform uses Adaptive Behavioural Analytics to detect anomalies in individual behaviour for fraud and risk management. Featurespace was created out of Cambridge University’s Engineering Department, co-founded by world-renowned experts in applied statistics, the late Professor Bill Fitzgerald and Dave Excell, Featurespace CTO.
Martina King, Featurespace CEO, commented: “This funding round will enable us to continue to protect our expanding client base and their customers from real time fraud attacks. “These additional funds will also help support our continued international growth following the successful launch of our US offices earlier this year.”
Laurence Garrett, partner at Highland Europe, commented: “Featurespace is one of the most exciting artificial intelligence companies we have seen, with huge potential for international expansion, since it offers one of the most advanced technologies in this area on the market.“The demand for Featurespace’s products is great and I am delighted that this funding will help support its rapid growth in the US and other international markets. Martina King is an exceptional leader and we are truly looking forward to working with her and the team.”
Mike Lynch, Founder at Invoke Capital, commented: “At Invoke, we aim to identify companies that can commercialise technologies with a demonstrative advantage over the competition. Featurespace is one such company. Its machine learning capabilities are hugely impressive, while it operates in a market that is potentially massive given the ubiquity of online fraud. We look forward to supporting the company’s further growth and technology development.”
Featurespace™ is the world-leader in Adaptive Behavioural Analytics and creator of the ARIC™ platform, a real-time, machine learning software system developed out of the University of Cambridge. Head quartered in Cambridge, UK, Featurespace has deployed ARIC to financial services and gaming organisations that have services or products deployed in over 180 countries. Customers include TSYS®, Playtech, Betfair, Vocalink Zapp, CashFlows, Camelot and William Hill.
The ARIC™ platform – a real-time, AI software system – monitors individual behaviours and detects anomalies to identify risk and catch new fraud attacks as they happen. The increased accuracy of understanding customer behaviour simultaneously reduces the number of genuine customers whose purchases and transactions are incorrectly declined.
Source: Highland Europe press release