UK-based forecasting software provider Prowler.io secured $24m yesterday in a series B round that included publisher Pearson, internet group Tencent and Mandatum Life, an insurance-focused subsidiary of financial services group Sampo.
The round also featured real estate development manager RB Capital, venture capital firms Passion Capital and Amadeus Capital Partners, growth equity firm Atlantic Bridge, the Singaporean state-owned SG Innovate and University of Cambridge-backed patient capital fund Cambridge Innovation Capital (CIC).
Founded in 2016, Prowler has created an artificial intelligence-powered software platform called Vuku that augments decision-making processes in segments including financial asset management, logistics and education.
The software fuses game theory, probabilistic modelling and machine learning to forecast interactions within a given environment without necessarily having access to large quantities of historic data. It also exploits an approach known as reinforcement learning to improve predictions over time by learning from experience.
The capital will help Prowler launch additional products, with an eye on entering new markets for its technology, which is slated for commercial release later in 2019.
Prowler’s co-founders include Dongho Kim, a former post-doctoral research associate at University of Cambridge’s Department of Engineering, and Aleksi Tukiainen, a former master’s student at the same department.
The round valued Prowler at $100m and brought its overall funding to $39m, including $13m raised in a CIC-led series A round in 2017 that reportedly included Atlantic Bridge, Passion Capital, SG Innovate and Amadeus Capital Partners.
The company had already attracted around $2m the previous year in a round backed by Infocomm Investments, the investment arm of Singaporean government statutory board Infocomm Development Authority, along with Passion Capital and Amadeus.
The original version of this story appeared on our sister site, Global University Venturing.