Featurespace, an Atlanta and U.K.-based fraud protection and risk management startup, has raised $32.3 million from New York-based Insight Venture Partners and MissionOG.
Other firms included on the round were existing investors IP Group plc, Highland Europe, TTV Capital, Robert Sansom and Invoke Capital.
According to a news release, the funding will be used to support Featurespace’s international expansion and continued development of the company’s software capabilities of adaptive behavioral analytics.
"We have made tremendous progress over the last 15 months since our last fund raising – and this fund raise is the largest to date," Martina King, Featurespace CEO, said in a statement. "The additional funds will enable us to continue rapidly growing the business internationally by focusing on our products, our people and our customers."
“We have been following Featurespace’s growth for over two years," Jeff Horing, co-founder and managing director at Insight Venture Partners, said. "Following extensive customer and product due diligence, we were delighted with market feedback around the product and team. We welcome Featurespace into our portfolio and look forward to helping the company drive international growth.”
Featurespace utilizes AI machine-learning software to analyze risk score transactions and other security elements in more than 180 countries. The platform uses adaptive behavioral analytics and anomaly detection to identify risk and alert to attacks as they occur.
“We have also grown our financial services customer base and now are working with 17 banks across continental Europe, the U.K., U.S. and Latin America," King said. "Equally important, we have become the technology partner of choice to a number of payment processors and merchant acquirers that have embedded our real-time fraud prevention technology in their anti-fraud solutions."
The startup began in the Cambridge University's Engineering Department, co-founded by late professor Bill Fitzgerald and Dave Excell, Featurespace's CTO. To date, the company has raised a total of $71.2 million, according to Crunchbase.
