May 31, 2016

Cambridge AI fraud detection group raises £6.2m

Featurespace, spun out of Cambridge University, uses machine learning AI fraud detection to spot and block online fraud. The company is continuing its global expansion to the US after raising £6.2m ($9m) in a funding round led by US investor TTV Capital, as well as existing investors.

“Featurespace’s technology, ARIC, is able to spot suspicious transactions more accurately,” reports The Telegraph’s James Titcomb, “By scanning all the activity on a specific network it can ‘learn’ what qualifies as suspicious and report anomalies.”

Speaking to Martina King, CEO, Featurespace, The Telegraph reports that Featurespace “Has now raised $9m (£6.2m), which it will use to open a US office after signing two big stateside deals.”

Gardiner Garrard, TTV Managing Partner, commented, “Millions of consumers are affected by credit and debit card fraud each year. This funding round is the first time we’ve invested in a mainland UK company, and reflects our support of Featurespace’s transformative fraud detection capabilities.”

Read the full article in The Telegraph.