10th Jun 2014 11:21
LONDON (Alliance News) - Imperial Innovations Group PLC Tuesday said it has invested GBP1.7 million in the behavioural analytics business, Featurespace, as part of a larger investment round.
As a result, the mobile payments company said it now holds a 22.1% equity stake in Featurespace.
The company said a further investment of GBP1.3 million came from National Endowment for Science, Technology and the Arts and a number of members of the Cambridge Angels group, including Mike Lynch, the former Chief Executive and founder of Autonomy and Andrew Hodgson, who has a 20 year track record in Banking and Financial Services and was a former investor in DeepMind Technologies.
Featurespace is focused on a pioneering data analysis technology which has the ability to predict what an individual or group will do next, based on an understanding of normal patterns of behaviour. Its software develops an understanding of what is normal for each customer or group of customers, and constantly updates this understanding as new information or transactions occur, helping to detect online fraud, said the company.
Imperial Innovations said Featturespace has already closed deals for its fraud detection product with Zapp/Vocalink, Callcredit Information Group and Betfair. The company is led by Martina King, formerly Managing Director of Aurasma and Yahoo! Europe.
Imperial Innovations shares were up 0.8% to 437.3 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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