Parkwalk Advisors has injected an additional $2.6m into GeoSpock, two months after the Cambridge spinout secured $12.8m in a round co-led by the fund manager.
GeoSpock, a UK-based big data analytics platform spun out of University of Cambridge, secured an additional £2m ($2.6m) in funding on Tuesday from Parkwalk Advisors, the fund management subsidiary of commercialisation firm IP Group.
The commitment follows a $12.8m funding round co-led by Parkwalk together with Cambridge Innovation Capital (CIC), the university’s patient capital fund, IP Group and 31 Ventures, a corporate venturing unit of property developer Mitsui Fudosan two months ago.
Venture firm Global Brain also co-led the January round that further featured telecoms firm KDDI, which invested through its through KDDI Open Innovation Fund and Supership DataMarketing Fund Program, and private investor Jonathan Milner.
Founded in 2013, GeoSpock is working on big data analytics software that is able to contextualise vast amounts of information for modern, large-scale infrastructure projects such autonomous vehicle fleet management, in under a second.
Pontus Noren has been appointed as non-executive director to GeoSpock’s board, announced concurrently with the additional funding. Noren is currently vice-chairman of the board at cloud computing consultancy Cloudreach.
GeoSpock has raised $27.1m in funding to date. It previously 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.
GeoSpock is also listed in the investment portfolio of Right Side Capital Management, though further details could not be ascertained.
Richard Baker, CEO, GeoSpock, said: “We are delighted to announce the addition of Noren to our board of directors at this exciting period of growth for GeoSpock.
“I am hugely impressed with the wealth of knowledge and experience Noren brings to our business, and his expertise will be instrumental in helping to guide the continued expansion and success of GeoSpock.
“We also thank Parkwalk Advisors for their continued support as we strive to achieve our technological vision across industries spanning mobility, telecoms and the internet of things, as well as smart city and maritime initiatives.”
