Featurespace wins Anti-fraud Solution at FStech Awards

The real-time machine learning solution from Featurespace has been recognised as Anti-fraud Solution of the Year.

Featurespace, the leading multinational machine learning company for fraud prevention and risk management, has been awarded Anti-fraud Solution of the Year at the FStech Awards. 

The FStech Awards, now in their 18th year, recognise excellence and innovation in the field of information technology within the UK and EMEA financial services sector. 

Martina King, Featurespace CEO, commented:  "Our clients want to keep their own customers safe from fraud attacks and we continue to innovate and develop our world-class product to defend them. 

On behalf of our customers, this award recognises the impact that our real-time, machine learning, fraud prevention technology is making to the financial services industry.” 

Featurespace is the world leader in adaptive behavioural analytics, delivered via its machine learning ARIC platform. ARIC uses anomaly detection to analyse complex data streams in real time, building individual statistical profiles for each customer. 

The ARIC platform models a pattern of normal or ‘good’ behaviour and detects anomalies, which enables it to identify fraud attacks as they happen, reducing the costs associated with managing fraud. Simultaneously, ARIC reduces the number of genuine transactions incorrectly declined, enabling businesses to accept more revenue.

Spectral Edge Secures $5.3 Million in Further Funding

Cambridge UK, 11 April 2018: Spectral Edge, the image fusion technology specialists, has secured $5.3 million in further funding from existing investors Parkwalk Advisors and IQ Capital. Based in Cambridge with deep academic roots, Spectral Edge combines cutting-edge imaging science with machine learning to improve pictures and videos on mass market devices. This is done in real time with a pixel-level, embeddable technology that can be implemented in software or in silicon.

The technology behind the process can be used across a range of potential applications that rely on image quality for either function or aesthetics – from mobile to security, and from automotive to on-demand video or live broadcast.

Over the past year, Spectral Edge has continued to build its management team, following the appointment of Rhodri Thomas as CEO in February 2017. Rhodri joined the business from predictive keyboard technology pioneer SwiftKey which was successfully sold to Microsoft in 2016. Most recently, Dr Ilya Romanenko has joined as CTO from ARM Holdings, bringing a wealth of experience in applicable technology and deep learning. He heads up the R&D department which currently includes 5 PHDs, including 3 image fusion experts who were heavily involved in the creation of the company’s patents.

The new funding will enable expansion of the R&D team to 12, with specialism in image processing, machine learning and embedded software development. It will also support the development of real world applications in key areas of focus, in particular smartphones, webcams and security applications alongside the existing products for the TV & display industries.

CEO Rhodri Thomas commented “We are delighted to have the continued support of IQ Capital and Parkwalk Advisors as Spectral Edge moves to the next phase of growth and we see our technology reaching the marketplace. The opportunities for market application of our technology are hugely exciting, in particular in smartphones, TV picture processing and in security surveillance devices. This funding will allow us to continue to realise real world applications as we further strengthen our technical team.”

Alastair Kilgour, CIO at Parkwalk Advisors, stated “The technological progress at Spectral Edge in developing next generation image fusion has been substantial since we made our first investment and with this fund raise commercial engagement with companies and industries looking for an edge in image enhancement, such as smartphones and security cameras, will be escalated.”

Max Bautin, Managing Partner at IQ Capital, noted “Spectral Edge continues to pioneer in the imaging sector, with market opportunities across a broad range of sectors. We are proud to have Spectral Edge within our portfolio of deep tech companies, all developing leading-edge AI and generating strong IP.”

Cambridge ‘has fastest growing economy in the UK’

Cambridge had the fastest-growing city economy in the UK across the third quarter of 2017, according to a new report which also revealed that both of the country's most famous university cities are expected to thrive in the next 12 months.

These findings are a huge boost for Cambridge and highlight how the city is benefitting from industrial parks which are leading the way in fields such as wireless technology, display technology, and mobile telecommunications.

The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA* growth and job creation within 45 of the UK’s largest cities 12 months ahead of the Government’s official figures.

Published this month, the research revealed that Cambridge’s GVA growth rate of 2.2% made it the top-performing city economy in the UK, with forecasts suggesting that the city’s predicted year-on-year growth rate of 2.19% in 2018 will also be the best of any major location.

Neighbouring Oxford is also set to have a strong 2018, with the city expected to be second on the table of top-performing economies with a growth rate of 1.99%. It also took sixth place in terms of Q3 2017 GVA performance with a growth rate of 1.9%.

Victoria Brackett, chief executive of Business Legal Services at Irwin Mitchell, said: “These findings are a huge boost for Cambridge and highlight how the city is benefitting from industrial parks which are leading the way in fields such as wireless technology, display technology, and mobile telecommunications.

“The city is also of course close to London which is hugely beneficial with the capital remaining a key economic hub.”

This latest edition of UK Powerhouse examines the impact that the education has on city economies across the UK, with Oxford being behind only London in terms of the GVA generated by its education sector. The city’s education sector grew by 4% between 2012 and 2015 to reach a value of £500 million.

In comparison, Cambridge’s education sector GVA stood at £319 million after achieving zero growth during the three-year period analysed.

The report notes the education sector makes a major contribution to economic growth within many areas surrounding universities and also offers recommendations on how it can continue to do so. These include:

• Engaging in the work of Local Enterprise partnerships, particularly in support for innovation
• Ensuring cities with a strong outflow of graduate age young workers have policies for retaining talent, with the Government also providing incentives for graduate recruiters to hire more in those areas
•  Encouraging cities to improving infrastructure to optimise the movement of workers
• Introducing large-scale affordable housing projects to appeal to graduates

Image: Top and bottom five cities by annual GVA growth, Q3 2017

Source: Office for National Statistics, Cebr analysis

*GVA = Gross Value Added

To read more information, click here.

New Angel Investor Hub at the Bradfield Centre, Cambridge

Cambridge Angel Hub in partnership with The Bradfield Centre

The angel hub offers opportunities for both existing and would-be angels to drop in and learn from fellow investors, attend training workshops, develop new syndicates and to meet and potentially invest in local entrepreneurs.

Members of The Bradfield Centre and the wider Cambridge ecosystem will benefit from a rich programme of content to help grow their business – including mentoring and guidance, pitching events, coffee mornings and fireside chats.

The UKBAA is the national trade association for angel and early-stage investment, representing over 180 member organisations and around 182,000 investors. 

Business angels in the UK collectively invest an estimated £1.6 billion per annum and represent the UK’s largest source of investment for startups and early-stage businesses seeking to grow. 

UKBAA’s members include angel networks, syndicates, individual investors, early-stage VCs, equity crowdfunding platforms, accelerators, professional advisers and intermediaries. 

The association acts as the voice of the angel investment community and strives to build and connect the angel investment ecosystem to ensure a coherent landscape for financing high-potential entrepreneurs.

Jon Bradford, director of The Bradfield Centre said: “Capital, advice, connections – these are all essential ingredients to grow a successful tech business. Bringing more of these ingredients into the Cambridge ecosystem is a key part of our mission at The Bradfield Centre and the establishment of a UKBAA angel hub here represents a real boost for local entrepreneurs and investors alike.”

Jenny Tooth, CEO of the UK Business Angels Association added: “Angel investors bring so much value to startup and scaleup businesses and by partnering with The Bradfield Centre we are creating a dynamic environment for these crucial relationships to flourish. 

“This new angel hub should also attract new investors to engage with the entrepreneurial community here in Cambridge.”

In a seminal week for The Bradfield Centre, it has also announced significant partnerships with three Cambridge University organisations to help forge and foster mutually beneficial links: Cambridge Judge Business School's Entrepreneurship Centre, ideaSpace and the Cambridge University Technology and Enterprise Club (CUTEC).

These organisations will benefit from access to the newly created partner lounge in The Bradfield Centre which will enable their members to work from its state of the art facilities, host meetings, connect with the membership, engage with event, and create their own programming to be delivered at the centre.

Hanadi Jabado, executive director of Cambridge Judge Business School's Entrepreneurship Centre, said: “This exciting new partnership with the Bradfield Centre complements the School’s aims to serve the successful development of the Cambridge Cluster and entrepreneurial community through effective entrepreneurship teaching, mentoring and facilitated networking.”

The Bradfield Centre, Cambridge Science Park, Cambridge Enterprise and Cambridge Judge Business School are all sponsors of the UK-leading Business Weekly Awards which are underway and attracting a superb array of candidates reflecting the cluster’s excellence for innovation.

Featurespace, the adaptive behavioural analytics technology company raises £16.5m

Featurespace, the leading machine learning company for fraud prevention, has raised £16.5 million ($21.6 million) from a funding round led by Highland Europe, the venture capital firm that invests in growth businesses.

Worldpay Group plc, a leading global payment processing company, and Invoke Capital also participated in the round as new investors.

The round also includes further funding from existing investors including Touchstone Innovations plc, NESTA, TTV Capital and Robert Sansom.

The funds will be used to support Featurespace’s international expansion and continued development of the company’s software capabilities.

Featurespace’s real-time, ARIC™ platform uses Adaptive Behavioural Analytics to detect anomalies in individual behaviour for fraud and risk management.

Featurespace was created out of Cambridge University’s Engineering Department, co-founded by world-renowned experts in applied statistics, the late Professor Bill Fitzgerald and Dave Excell, Featurespace CTO.

Martina King, Featurespace CEO, commented:

"This funding round will enable us to continue to protect our expanding client base and their customers from real time fraud attacks.

“These additional funds will also help support our continued international growth following the successful launch of our US offices earlier this year.”

Laurence Garrett, partner at Highland Europe, commented: 

“Featurespace is one of the most exciting artificial intelligence companies we have seen, with huge potential for international expansion, since it offers one of the most advanced technologies in this area on the market.

“The demand for Featurespace’s products is great and I am delighted that this funding will help support its rapid growth in the US and other international markets. Martina King is an exceptional leader and we are truly looking forward to working with her and the team.”

Mike Lynch, Founder at Invoke Capital, commented:

“At Invoke, we aim to identify companies that can commercialise technologies with a demonstrative advantage over the competition. Featurespace is one such company. Its machine learning capabilities are hugely impressive, while it operates in a market that is potentially massive given the ubiquity of online fraud. We look forward to supporting the company’s further growth and technology development.”

To read more information, click here.

Manage fraud, risk and compliance with world-leading Adaptive Behavioural Analytics. Featurespace is pioneering a new machine learning approach to analysing and predicting the behaviour of people in commercial and social environments to make informed business risk decisions in a wide variety of applications.

Myrtle, Deep Learning Technology Funding Round

Deep Learning Technology Funding Round

Myrtle Software has secured seed funding from the Cambridge Angels Group led by technology investor Robert Sansom. A number of well known business angels participated in the round including serial entrepreneur Robert Swann, artificial intelligence entrepreneur William Tunstall-Pedoe, IQ Capital and Dr. Adrian Weller of the Machine Learning group at Cambridge University.

Myrtle has been working on efficient hardware based deep learning technologies for a global auto maker, and has recently won contracts to further their research with the MoD as well as under the UK government’s autonomous systems program. The funding round will enable Myrtle to expand its core development team and launch a number of new technologies in the year ahead.

Lead Investor Robert Sansom, said “We are very impressed by the achievements of Myrtle’s team – by their unique blend of hardware, software and mathematical skills – and by the results they have demonstrated under existing contracts. Deep learning is having a big impact on data owners, so we’re excited to be participating in this round of company growth for Myrtle and to help them release their solution at-scale within data centers.”

Myrtle’s team of PhD mathematicians, computer scientists and hardware engineers have developed software to automatically realize deep learning algorithms as efficient silicon designs, capable of very high performance and low power usage. Demand for power efficient deep learning algorithms is well established and the market is expected to be worth more than $10B by 2024 (Tractica).

Myrtle’s technology constructs efficient neural network circuit designs automatically, without the need for FPGA hardware expertise. Christiaan Baaij, Lead Architect explains “It’s a unique approach that produces bespoke designs for each specific network and avoids the inefficiencies of existing methods that use intermediate languages such as OpenCL.” The approach is also highly scalable in terms of the resources that can be targeted on the FPGA: an important factor in commercial applications where running multiple neural networks together is becoming common.

Peter Baldwin, Myrtle’s CEO says “We have a fantastic team of talented engineers who have developed some unique capabilities here in Cambridge. Myrtle can provide a key component of the future cloud infrastructure that will radically improving speed and minimize costs. We are delighted to secure this investment round and anticipate rapid adoption of Myrtle’s technology”.

The advisors on the deal were Greenwoods and Taylor Vinters.

Wazoku Raises £2.3M in Funding

Wazoku, a London, UK-based idea software management company, raised £2.3m in funding.

The company received new venture debt finance from Barclays of £680k as well as equity financing from existing investors Cambridge Angels and Fig.

Wazoku, which has raised £3.6m to date, will use the funds for product development and corporate expansion efforts.

Led by Simon Hill, founder and CEO, the company provides a cloud-based idea management software platform, Idea Spotlight, which allows organisations encourage internal and external crowdsourcing initiatives that allow organizations to draw on ideas from employees, suppliers and other partners to enhance their businesses.
Customers include Aviva, Waitrose, John Lewis Partnership, Virgin Trains East Coast and Avis Budget Group.

FinSMEs

10/03/2017

AMS acquires CCMOSS to become world leader in gas and infrared sensing.

Premstaetten, Austria (16 June 2016) - ams (SIX: AMS), a leading worldwide manufacturer of high performance sensor and analog solutions, has signed an agreement to acquire 100% of the shares in Cambridge CMOS Sensors Ltd (CCMOSS), the technology leader in micro hotplate structures for gas sensing and infrared applications, in an all-cash transaction.

CCMOSS’ micro hotplates are MEMS structures that are used in gas sensors for volume applications in the automotive, industrial, medical, and consumer markets. The company’s deep expertise in this area is highly synergetic with ams’ technology leadership in MOX gas sensing materials to detect gases like CO, NOx, and VOCs. CCMOSS’ manufactures these MEMS structures on CMOS wafers allowing the creation of complete monolithically integrated CMOS sensor ICs. This makes CCMOSS’ solutions highly cost-efficient, besides offering other significant advantages over competing technologies like low power consumption, small footprint and the ability to integrate additional sensor modalities like relative humidity, temperature, and pressure.

In addition, CCMOSS commands an industry-leading portfolio of IR technology comprising high performance IR radiation sources and detectors for sensor applications. Highly complementary to ams’ spectral sensing strategy for next generation optical sensor technologies, CCMOSS’ IR sensing is based on the same monolithic CMOS structures as for gas sensing, enabling miniaturized implementations and efficient integration with other on-chip functions. Applications include CO2 gas sensing and human presence detection and will extend into spectroscopic identification of organic materials.

Founded in 2008 as a spin-off from Cambridge University, with the start of technology development dating back to 1994 in collaboration with the University of Warwick, CCMOSS has built an outstanding expertise in micro hotplate design and manufacturing for gas and infrared sensing over more than 20 years. CCMOSS’ corporate headquarters are located in Cambridge, UK, and the company has 33 employees. The Cambridge region has become a center of innovation for sensor technologies globally so ams values the ability to gain direct access to this attractive ecosystem going forward. CCMOSS currently has product revenues on a small scale but is not yet profitable.

The parties to the transaction, which is expected to close within a week given that no regulatory approvals are needed, have agreed to keep the consideration confidential. ams plans to fully integrate CCMOSS’ activities into its existing environmental sensor business, which has development locations in Eindhoven, the Netherlands, and Reutlingen, Germany.

Alexander Everke, CEO of ams, commented on the transaction, “The addition of CCMOSS makes ams the clear leader in gas and infrared sensor technology worldwide, and completes ams’ portfolio of products and technologies for the environmental sensor market. This highly strategic acquisition is therefore another key step in making ams the world’s leading provider of sensor solutions for consumer, automotive, industrial, and medical applications.”

Cambridge Innovation Capital and IQ Capital co-lead £1M funding of Audio Analytic Ltd

LISTENING LIGHTBULB USES AUDIO ANALYTIC’S SMART HOME TECH

Cambridge Innovation Capital and IQ Capital co-lead £1M funding of sound recognition company

A smart lightbulb that can recognise the sound of an intruder breaking a window has won a major industry award. This has fuelled further demand for Audio Analytic, the world’s leading sound recognition company. To address its growing order book and fund new developments, the company has raised £1 million from investors including IQ Capital Partners, Cambridge Innovation Capital and Cambridge Angels.

In January ‘Sengled Voice’ won the 2016 CES Best of Innovation in the Smart Home category*. It is a light bulb with an integrated microphone and speaker that allows the detection of noises, such as glass breaking or a smoke alarm, to be analysed using Audio Analytic’s ai3 (acoustic intelligence 3) technology and communicated to the homeowner via a mobile alert.

The Smart Home market is growing rapidly and Audio Analytic is working with the leading brands to incorporate its unique sound recognition and identification software into products – such as sophisticated baby alarms, net cams, smart home hubs, intelligent lighting – that can identify sounds associated specifically with safety and security and alert the home owner.

Dr Chris Mitchell, founder and CEO of Audio Analytic, says that the company has pioneered this technology: “I have always been interested in how sound can be detected and identified so when I finished my PhD and found there were no companies addressing this market I set up Audio Analytic.”

The Cambridge-based company is now 17 strong and the new funding will be used to bring on new people to manage the sales pipeline and to invest in further R&D.

Mitchell continues: “The Audio Analytic Labs really are the technological brain to Audio Analytic; where fundamental research is undertaken. We are leading the way at the technology level and this further investment will help keep us there.”

As leaders in the field of Automatic Environmental Sound Recognition, Audio Analytic software is much in demand and the £1 million investment will support this.

Mitchell comments: “We have a strong client-base in the smart home space. This includes Sengled, a global innovator in LED lighting, integrating our software into their product helped them win the prestigious innovation award at CES.”

The company so far has catalogued seven sound types, including breaking glass (comprising four different types), baby cries and smoke and carbon monoxide alarms, and has the world’s most extensive reference-base of these noises, allowing high precision recognition.

Mitchell explains that there are considerable differences between the different brands of alarms, so creating the database has involved importing hundreds of alarms, mostly from the US.

He says: “A major challenge was creating the world’s first sound libraries designed for sound recognition. This resulted in us breaking panes of glass at the “Hush House” at Alconbury, which was previously used for testing jet engines, or setting off smoke and carbon monoxide alarms in lots of houses.”

A report by Markets and Markets in February 2015** estimates the smart home market will reach $58.68 billion by 2020.

Victor Christou, Chief Executive Officer at Cambridge Innovation Capital, comments: “Recognition of the importance of smart audio in the home automation market has grown massively recently.  With the world’s largest audio database and key customer relationships already established, Audio Analytic is the category leader in this sector.  CIC is very pleased to be supporting another world class, home-grown, Cambridge business.”

Max Bautin, Managing Partner at IQ Capital, added: “We have tracked impressive progress at Audio Analytic over several years and are delighted to be part of this exciting company at a time when IoT and smart home tech is starting to grow so rapidly.

“It is also great to see Cambridge investors working together yet again to fund an exceptional Cambridge start-up with global potential.”