Data analytics firm GeoSpock raises US$5.4m in funding

GEOSPOCK, a Big Data analytics firm based in Cambridge, the UK, on Monday said it has raised US$5.4 million in additional funding to accelerate the development and adoption of its database technology.

This brings the total amount GeoSpock has raised to date to over US$32 million, said the firm, which also has offices in Singapore and Tokyo.

The latest funds raised is an extension of the firm's Series A funding, a company spokesperson told The Business Times on Monday.

The round was led by nChain, a global digital ledger research and solutions tech company, and venture capital investor, Cambridge Innovation Capital.

Also participating in the investment was NTT Docomo Ventures, the venture capital arm of NTT Docomo, which provides telecommunications and information and communications technology services in Japan.

Existing investors such as Global Brain, Parkwalk, KDDI Innovation Fund, 31 Ventures and Meltwind also backed the latest funding.

"Traditional databases have proven too slow and cumbersome to provide genuine, real-time insights or be the basis for next-generation artificial intelligence and machine learning use cases," GeoSpock said in a press statement.

Added Steve Marsh, GeoSpock's founder and chief technology officer: "Businesses have realised that advanced analytics and rapid innovation is the key to building competitive advantage in a data-driven world, so where billion row queries that took hours were once acceptable, the market now demands trillions of rows and speed-of-thought results."

Dr Marsh added that aside from performance and scale, database technology needs to provide flexibility and cost predictability, even as the demands for Big Data continues to grow.