GeoSpock pinpoints $12.8m

GeoSpock, a UK-based big data analytics platform spun out of University of Cambridge, attracted £10m ($12.8m) in funding today in a round co-led by Cambridge Innovation Capital (CIC), the university’s affiliate patient capital fund.
Parkwalk Advisors, the fund management arm of commercialisation firm IP Group, and 31 Ventures, a corporate venturing division of property developer Mitsui Fudosan, co-led the round together with venture firm Global Brain.
The deal was rounded off by telecoms firm KDDI, which invested through its through KDDI Open Innovation Fund and Supership DataMarketing Fund Program, and private investor Jonathan Milner.
GeoSpock was reported to be targeting $19.9m to $26.5m for its next funding round in July 2018, however it is unclear whether the figures relate to the latest announcement.
Founded in 2013, GeoSpock develops big data analytics software products that contextualise vast quantities of information for modern infrastructure purposes such as smart cities, autonomous vehicle fleets and the internet of everything.
GeoSpock’s products include a geo-temporal data visualisation terminal called Illumin8 that plots aggregated information according to its time of action and specific geospatial location.
The capital has been allocated for further R&D geared towards enhancing GeoSpock’s machine learning and data science capabilities. The money will also enable GeoSpock to target expansion internationally, particularly in Singapore and Japan.
GeoSpock has now raised $24.5m in total funding. It closed a two-tranche $12m series A round in February 2018 backed by CIC, Parkwalk Advisors, 31 Ventures, Global Brain and angel investor Michael Marshall.
The series A figure includes $6.6m raised from the above investors that month and $5.4m received from CIC and Parkwalk Advisors in 2015, the year after GeoSpock had secured $1.2m of seed capital from assorted angel investors.
GeoSpock also features in the investment portfolio of Right Side Capital Management, though further details could not be ascertained.
Victor Christou, CEO of Cambridge Innovation Capital, said: “We are delighted to lead GeoSpock’s latest funding drive, enabling this exciting company to innovate and scale globally.
“The opportunity presented by geospatial data is huge and this funding will support GeoSpock in delivering geo-temporal data understanding and visualisation for the everything-connected world. We also welcome KDDI Supership to this investment, whose expertise, particularly in Asia, will help GeoSpock widen and deepen its global reach.”