Featurespace, an anti-fraud behavioral analytics company based in the UK, recently secured $32 million in a financing round led by MissionOG and New York-based VC Insight Venture Partners.
The funding round also included the participation of existing investors such as Invoke Capital, Robert Sansom, TTV Capital, Highland Europe, and IP Group Plc.
The money raised will be used in expediting Featurespace’s expansion into other parts of the world, as well as promoting the increased growth of the firm’s software capabilities.
Co-established by the Dave Excell (Featurespace’s current CTO) and the late Professor Bill Fitzgerald, the behavioral analytics company was established out of the engineering department in Cambridge University.
Featurespace’s ARIC platform integrates anomaly detection and adaptive behavioral analytics not only to catch new attacks as they take place but also identify risk.
The recent capital injection into Featurespace will boost the ongoing distribution of the platform.
Currently, Featurespace serves about 17 banks spread out across the United States, the United Kingdom, Latin Americas, and continental Europe.
What’s more, the AI-based firm also works with several merchant acquirers and payment processors that have already integrated its real-time fraud prevention technology into their business.
Martina King, the chief executive officer of Featurespace, claimed: “We have made tremendous progress over the last 15 months since our last fundraising – and this fundraising is the largest to date.
The additional funds will enable us to continue rapidly growing the business internationally by focusing on our products, our people and our customers. We have significantly strengthened our senior management team and operational infrastructure and opened an office in Atlanta, Georgia.
We have also grown our financial services customer base and now are working with 17 banks across continental Europe, the UK, US, and Latin America.
Equally important, we have become the technology partner of choice to a number of payment processors and merchant acquirers that have embedded our real-time fraud prevention technology in their anti-fraud solutions.”
Jeff Horing, the managing director and co-founder at Insight Venture Partners, claimed:
“We have been following Featurespace’s growth for over two years. Following extensive customer and product due diligence, we were delighted with market feedback around the product and team. We welcome Featurespace into our portfolio and look forward to helping the company drive international growth.”
The Chairperson and Managing Partner of MissionOG Gene Lockhart said: “Martina King, David Excell, and the team have built a dynamic culture that has led to a well-defined and successful market focus.
Their efforts are evidenced by strong sales momentum with notable clients in various segments, including multinational banks, payments companies, issuer processors and merchant acquirers.”
Featurespace is building the first adaptive behavioral analytics engine in the world, dubbed the ARIC platform.
Since the company’s inception, it has worked with numerous companies and institutions including MIT, Danske Bank, VocaLink, GoCompare, Eldon, William Hill, CashFlows, and Betfair among many others.