GeoSpock seeks out new series A life

GeoSpock, a UK-based big data analytics platform spun out from University of Cambridge, closed a $12m series A round yesterday led by university venturing fund Cambridge Innovation Capital (CIC).

The deal was closed following a $6.6m extension, with the round also having been backed by Parkwalk Advisors, the investment firm that manages Cambridge’s seed funds, and Michael Marshall.

31 Ventures, a corporate venturing arm of real estate company Mitsui Fudosan, and VC firm Global Brain joined the existing shareholders above for the extension.

Founded in 2013, GeoSpock has developed a big data platform that can visualise a vast amount of data – up to several trillions of data points – in context within milliseconds.

The company is targeting clients in areas such as smart cities, internet of everything, autonomous fleet management, financial services, adtech and telecoms. The spinout is based on research by Steve Marsh, who read for a PhD in computer science at Cambridge.

The additional capital will allow GeoSpock to grow its commercial and engineering teams in Europe, the US and Japan. Both 31 Ventures and Global Brain will assist GeoSpock with its expansion efforts in Asia.

GeoSpock previously obtained $5.4m in series A funding from CIC and Parkwalk Advisors in 2015. The spinout had already obtained approximately $1.2m in seed capital from assorted angel investors in 2014.

Victor Christou, chief executive of CIC, said: “GeoSpock’s products allow companies to assess and predict geographical demand rapidly, to improve management and allocation of resources.

“The opportunity presented by the analysis of geospatial data is huge and GeoSpock is at the forefront of this innovation, helping companies use these insights to simplify the complexity of data and make better commercial decisions as a result.

“We welcome Global Brain and 31 Ventures, bringing their expertise to help GeoSpock develop within the Asian market.”