Featurespace, a London-based firm that chose Atlanta as its U.S. headquarters, has raised $32.3 million more in funding for international expansion.
Born out of research at Cambridge University, the company focuses on real-time fraud detection using artificial intelligence.
The new round was led by Insight Venture Partners and MissionOG, two U.S.-based venture capital firms, but also included more funding by existing investors including Atlanta’s TTV Capital.
Martha King, the CEO, said the funds will pour fuel on the fire of global expansion by helping refine what the company calls its ARIC platform (adaptive, real-time, individual, change-identification), which learns from various types of fraud as it grows with the goal of weeding out future suspicious activity. It can already be deployed on a secure cloud in 180 countries.
“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,” Ms. King said in a statement. “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.”
Georgia-based payment processor TSYS Inc. is among the company’s customers. Featurespace is part of a growing wave of British fintech companies seeing Atlanta as a preferred beachhead for the U.S. market.