CIC has returned to supply AI forecasting platform Prowler.io with series B capital and help take the company's overall funding to $39m.
UK-based artificial intelligence forecasting platform developer Prowler.io yesterday attracted $24m in a series B round featuring University of Cambridge-backed patient capital fund Cambridge Innovation Capital (CIC)
The round also included publisher Pearson, internet company Tencent, growth equity firm Atlantic Bridge, Singaporean state-owned deep tech commercialisation firm SG Innovate and Mandatum Life, an insurance-focused arm of financial services group Sampo.
Venture capital firms Passion Capital and Amadeus Capital Partners filled out the round together with real estate development manager RB Capital. The round valued Prowler.io at $100m.
Founded in 2016, Prowler.io has created an artificial intelligence-powered software platform called Vuku that augments decision-making processes in segments including financial asset management, logistics and education.
The software fuses game theory, probabilistic modelling and machine learning to forecast interactions within a given environment, without necessarily having access to large quantities of historic data.
Vuku also exploits an approach known as reinforcement learning to improve its predictions over time by understanding from experience.
The capital will help Prowler.io launch additional products, with an eye on entering new markets for its technology, which is slated for commercial release later in 2019.
Prowler.io was co-founded by Dongho Kim, a former post-doctoral research associate at University of Cambridge’s Department of Engineering, Aleksi Tukiainen, a former master’s student at the same department, and Vishal Chatrath.
The latest round brought Prowler.io’s overall funding to $39m, including $13m raised in a CIC-led series A round in 2017 that reportedly included Atlantic Bridge, Passion Capital, SG Innovate and Amadeus Capital Partners.
Prowler.io had already attracted around $2m the previous year in a round backed by Infocomm Investments, the investment arm of Singaporean government statutory board Infocomm Development Authority, along with Passion Capital and Amadeus.
