Featurespace picks up $9m for machine-learning fraud detection

Machine learning-driven fraud detection startup Featurespace has raised $9m in a new round of venture funding led by TTV Capital.

Investment for the Cambridge-based company also came from Imperial Innovations, Nesta, Cambridge Angels and Cambridge Capital Group.

The company’s technology provides adaptive behavioural analytics for financial services to manage card fraud across transactions through its ARIC machine learning engine.

Featurespace CEO Martina King said, “we have developed the ARIC engine to catch new fraud attacks in real-time, while simultaneously increasing acceptance of genuine customer purchases.”

The round is TTV Capital’s first in the UK market and will be used to expand its operations across the region and enter the US market.

TTV Capital’s managing partner Gardiner Garrard said, “millions of consumers are affected by credit and debit card fraud each year.

“Featurespace’s ARIC engine is significantly transforming and modernizing card fraud and risk management in the US payment industry, and worldwide, dramatically improving the customer experience.”

The round brings the company’s total funding to more than $14m since it launched in 2008.

Copyright © 2016 FINTECH GLOBAL

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