Featurespace, the Cambridge company that uses AI technology to help financial institutions detect fraud, has raised £30 million of new growth capital.
CEO Martina King says the cash will be used to support continued expansion in the UK, the US, Singapore, Europe and Australia.
The round was led by Merian Chrysalis Investment Company Limited and also included further funding from a number of existing investors.
King said: “During these challenging times our machine learning models have automatically adapted to the shift in consumer, business and criminal behaviour.
“It is our continued focus to deliver industry-leading, fraud and anti-money laundering solutions to our customers and partners.
“We are grateful to our existing investors for continuing to back our growth and we are delighted to welcome Merian Chrysalis to our investment community.”
Richard Watts, portfolio manager at Merian Chrysalis, added: “Featurespace has developed truly innovative technology and provides financial institutions with a world-class solution in the fast-growing fraud detection and prevention market.
“We are delighted to announce this fantastic addition to the Merian Chrysalis portfolio and we look forward to supporting the Featurespace team as they continue to grow and develop the business.”
The seeds of Featurespace’s Adaptive Behavioral Analytics were sown within the University of Cambridge. The technology takes a unique approach to spotting anomalies to catch fraud and money laundering.
It’s a real-time, machine-learning software platform for fraud prevention and anti-money laundering risk and scores transactions and other events in more than 180 countries.
The technology learns the ‘normal’ digital behaviour of each entity at every interaction with a business, spotting anomalies while simultaneously reducing friction and improving customer satisfaction.
Featurespace raised £25m in January 2019 in a round led by Insight Venture Partners and MissionOG and that helped a push into Atlanta where headcount has virtually tripled. The company continues to recruit on both sides of the Atlantic.
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