September 7, 2016
Edison focus on Featurespace: Imperial Innovations’ portfolio report
Edison Investment Research has released a report on Imperial Innovations’ (IVO) ICT & digital portfolio, focusing on Featurespace – a world-leading adaptive behavioural analytics business and creator of the ARIC platform. IVO have been investors of Featurespace for a number of years, and invested £2.5m as part of Featurespace’s £6.2m funding round in May.
The latest funding round will fund Featurespace’s expansion of its commercial operations in the UK and US, particularly into the financial services markets.
The Edison report explores the use cases and features of Featurespace’s ARIC platform, which builds individual statistical profiles to understand customer behaviour and evaluate risk. ARIC uses anomaly detection to understand ‘good’ behaviour, spots the subtle changes which indicate ‘bad’ behaviour, and raise an alert so that the organisation can act to outsmart risk.
ARIC is being used in the financial services industry – particularly by banks, card issuers and merchant acquirers – as well as in Gaming and Insurance sectors, to spot and block new fraud attacks as they occur. Simultaneously, ARIC understands genuine customer activity to reduce the number of transactions that get erroneously blocked in an attempt to catch fraud – typically by over 70%.