Featurespace, an Atlanta and U.K.-based fraud protection and risk management startup, has raised a $37.4 million round led by Merian Chrysalis Investment Company Limited.
"During these challenging times, our machine learning models have automatically adapted to the shift in consumer, business and criminal behavior. It is our continued focus to deliver industry-leading, fraud and anti-money laundering solutions to our customers and partners," Martina King, CEO of Featurespace, said in a statement.
According to a news release, the funding will be used to support Featurespace’s growth as it continues to launch in foreign markets, such as the recent release of its anti-fraud and risk management platform into the Singapore market.
Previous investors in Featurespace include Insight Venture Partners, MissionOG, IP Group plc, Highland Europe, TTV Capital, Robert Sansom and Invoke Capital.
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 send alerts as attacks occur.
The startup began in Cambridge University’s Engineering Department, co-founded by late professor Bill Fitzgerald and Dave Excell. Last year, the company raised $32.3 million in a round led by Insight Venture Partners and MissionOG.
Featurespace was founded in 2008. To date, the company has raised a total of $108.6 million, according to Crunchbase.
