Cambridge's Featurespace boosted its funding total to $108m having assembled a consortium including existing investor IP Group for its latest round.
Featurespace, a UK-based fraud detection technology spinout of University of Cambridge, closed a £30m ($36.8m) funding round today that included a $1.2m contribution from commercialisation firm IP Group.
Investment firm Merian Chrysalis led the round, which was also backed by Highland Europe, MissionOG, TTV Capital and Invoke Capital Partners.
IP Group has increased its stake in Featurespace to 19.7% at a valuation of around $49.1m, an increase of $12.3m from the spinout’s last funding round.
Founded in 2008, Featurespace offers machine learning-driven software that allows financial services firms to identify fraudulent customer transactions in real-time.
The technology is trained to distinguish data irregularities from legitimate customer payments. It is used by more than 30 financial institutions, as well as in other sectors prone to fraud such as online gambling.
The funding brings Featurespace’s total to around $108m and will be utilised to support its international…
