GeoSpock, the UK-based developer of a big data analytics platform, attracted £10m ($12.8m) yesterday in a round co-led by 31 Ventures, a corporate venturing division of property developer Mitsui Fudosan.
Cambridge Innovation Capital (CIC), which operates as University of Cambridge’s affiliate patient capital fund, and Parkwalk Advisors, the fund management arm of commercialisation firm IP Group, co-led the round with 31 Ventures and venture firm capital firm Global Brain.
The deal was rounded off by telecommunications firm KDDI, which invested through its through KDDI Open Innovation Fund and Supership DataMarketing Fund Program, and private investor Jonathan Milner.
Founded in 2013, GeoSpock develops big data analytics software products that contextualise vast quantities of information for modern infrastructure purposes such as smart cities, autonomous vehicle fleets and the internet of everything.
The capital will go to research and development geared towards enhancing GeoSpock’s machine learning and data science capabilities, as well as an international expansion drive that will focus on Singapore and Japan.
GeoSpock has now raised $24.5m in total, having closed a $12m series A round in February 2018 backed by 31 Ventures, CIC, Parkwalk Advisors, Global Brain and angel investor Michael Marshall.
The company had secured $1.2m of seed capital from assorted angel investors in 2014, and its backers include Right Side Capital Management, though it is unclear when the latter invested.