Imperial Innovations furthers its commitment to Featurespace, a behavioural analytics spinout of Cambridge, by investing in the company for the third time.
Featurespace, a behavioural analytics spinout from Cambridge University, has raised £6.2m ($9m) from a consortium including Imperial Innovations.
Imperial Innovations, which invests in companies commercialising research that are located in the area bounded by London, Cambridge and Oxford, invested £2.5m and was joined by TTV Capital and unnamed private investors from Cambridge Angels.
Nesta, a UK-based charity that works to increase innovation in the UK, also took part in the round. Nesta began as the National Endowment for Science, Technology and the Arts in 1998 as a non-departmental public body, before becoming a charitable body in 2012.
Featurespace’s technology uses machine learning to identify “normal” patterns for the ways in which people behave. The platform then uses those patterns to detect unusual behaviour such as fraud.
The money will go towards expansion efforts in the UK and the US.
In 2012, Featurespace raised £1.5m in funding from Imperial Innovations, Nesta, Cambridge Angels, the Cambridge Capital Group and Mike Lynch, a non-executive director of the company.
Imperial Innovations returned in 2014 to led a £3m funding round that also included Nesta, Cambridge Angels and Lynch.
