Fraud detection firm secures £25m funding
A leading machine-learning-powered fraud detection company has completed a £25 million fundraise.
Cambridge-based Featurespace uses machine learning developed in Cambridge University to spot anomalies, block new fraud, and recognise genuine customers.
The funding round was led by Insight Venture Partners, a New York-based global private equity firm. US-based venture capital fund MissionOG, also participated in the round as a new investor.
The latest round of funding brings the total raised by the company to $71.2m.
Featurespace will use the funds to support international expansion and continued development of its software capabilities as well as supporting the continued distribution of its real-time, ARIC™ platform, which uses Adaptive Behavioural Analytics to detect anomalies in individual behaviour for fraud and risk management.
“We have made tremendous progress over the last 15 months since our last fund raising – and this fund raise is the largest to date,” said Martina King, Featurespace CEO.
“The additional funds will enable us to continue rapidly growing the business internationally by focusing on our products, our people and our customers.
“Working very closely with our customers, we have developed a market-leading product to meet their fraud detection and prevention requirements.
“We have also grown our financial services customer base and now are working with 17 banks across continental Europe, the UK, US and Latin America.
“Equally important, we have become the technology partner of choice to a number of payment processors and merchant acquirers that have embedded our real-time fraud prevention technology in their anti-fraud solutions.”