31st May 2016 07:21
LONDON (Alliance News) - Imperial Innovations Group PLC on Tuesday said it has contributed GBP2.5 million to a recent GBP6.2 million funding round by Featurespace, a Cambridge-based company focused on the detection of fraud in the financial services and gaming sectors.
After the funding, Imperial Innovations has a 36.9% stake in the adaptive behavioural analytics company. Imperial had already invested GBP1.4 million in Featurespace.
Also participating in the recent funding round was TTV Capital, a US venture capital company, which contributed GBP2.4 million to the round, with the remaining amount supplied by funding organisation Nesta and by members of the Cambridge Angels group.
The new funding will allow Featurespace to expand its operations in the UK and US, and to continue to expand into financial services, Imperial said.
"This new funding round reflects the great progress Featurespace has made over the last year, including announcing major new customer wins with companies based in the US. The most recent of these is a new partnership with TSYS Inc, one of the world's largest payment solutions and services companies, in which Featurespace's adaptive behavioural analytics platform will be used to reduce fraud for TSYS' clients," said Jon Edington, director of technology ventures at Imperial Innovations.
Shares in Imperial Innovations were untraded on Tuesday, having last traded at 399.50 pence.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Imperial Innovations Group