Japanese tech company joins GeoSpock’s new $5.4m round
Cambridge based extreme data analyser GeoSpock has taken its funding to date to $32 million following a new $5.4m round which underpins further global expansion for the business.
GeoSpock, which has just won the Business Weekly Disruptive Technology Award, is making huge strides in Asia and elsewhere on the global map.
The latest funding round was led by nChain and Cambridge Innovation Capital and joined by NTT DoCoMo Ventures – the investment arm of Japan’s premier provider of telecoms and ICT services – plus existing investors Global Brain, Parkwalk, KDDI Innovation Fund, 31 Ventures and Meltwind.
GeoSpock is using the new money to invest in its product and technical capabilities and accelerate the development and adoption of the fastest, most scalable database on the market.
A world of opportunity is opening up for GeoSpock. With the emergence of connected vehicles, smart cities, and the deployment of IoT sensors, the amount of data produced globally has exploded.
Traditional databases have proven too slow and cumbersome to provide genuine, real-time insights or be the basis for next-generation artificial intelligence and machine learning use cases.
GeoSpock is disrupting the big data analytics market by producing a uniquely cost-efficient, scalable, and fast database that takes advantage of parallelism and distributed compute architectures.
Dr Steve Marsh, founder and CTO said: “Businesses have realised that advanced analytics and rapid innovation is the key to building competitive advantage in a data-driven world, so where billion row queries that took hours were once acceptable, the market now demands trillions of rows and speed-of-thought results.
“Aside from performance and scale, database technology needs to be built with the future of the connected world in mind – providing flexibility and cost predictability, even as the demands for big data continues to grow.
“Through the combination of connected-device data and advanced analytics we believe that planetary optimisation is possible.
“We are excited to welcome our new strategic investors, and look forward to establishing key partnerships with global industry leaders in order to help improve the way we live, the way we move, and the way we consume.
“Over the past 12 months we have seen a lot of momentum picking up in the telco IoT space, with a growing emphasis on device intelligence and analytics combined with 5G connectivity in order to power next-generation use cases such as Smart Cities, Asset & Supply Chains, Connected & Autonomous Vehicles and long-term, to help measure and correct the root causes of climate change.
“We believe that carrier service providers are the natural providers of connectivity for IoT. Having KDDI, and now NTT Docomo, two of Asia's biggest telcos, backing the strategic value of GeoSpock's analytics technology is a great validation point.
“Adding to this is nChain – a world leader in distributed ledger technology, which could be a critical component in the cross-vendor monetisation of IoT, shows the strength of the partner ecosystem GeoSpock is assembling.
“Businesses have realised that advanced analytics and rapid innovation is the key to building competitive advantage in a data-driven world, so we know for certain that the demand for contextual intelligence is only going to increase over time.
“Handling the scales of data that are now being generated is a huge problem for many industries, but one which we believe GeoSpock is in a very strong position to solve.
“The key takeaway is that GeoSpock DB is a cost-efficient, hyper performance analytics database solution which uses unique technology to overcome the speed, scale and siloing restrictions of existing databases.”
GeoSpock CEO Richard Baker added: “Our database is able to disrupt the $386 billion IoT Big Data Analytics market. We expect to become central to the companies and nations across the globe, transforming their legacy data infrastructures and building agile logical data warehouses.
“Versus existing competitors our platform is the best performing solution on the market – it is faster, more flexible, and drives cost predictability for connected everything workloads where location, time, and device analytics underpins autonomous decision making.”