Cambridge Enterprise leads second round investment in Cytora
Cambridge and London-based Cytora, whose risk analytics technology is said to be deployed in some of the largest companies and governments in the world, has raised its second round of investment.
The round – amount unspecified – was led by Cambridge Enterprise, the commercialisation arm of the university, Parkwalk Advisors and an influential group of angel investors including Alan Morgan (chairman of MMC Ventures). While terms of the investment were not disclosed the round was oversubscribed, according to Cambridge Enterprise.
The funding will be used to drive further growth in core markets of supply chain risk management and financial services and to further develop the underlying technology in the area of event detection.
The round builds on earlier investment from Paul Forster, the company's investor director, co-founder and former CEO of Indeed.
Cytora is also the first startup ever to receive funding from the Judge Business School at the University of Cambridge after being incubated at Accelerate Cambridge.
The investment comes as organisations are increasingly looking to leverage the power of web data to manage risk in a more dynamic way. Dataminr, Ban.jo and Kensho are similar companies serving different markets – which have recently raised investment rounds.
Using a big data analytics approach, Cytora assembles data about multiple categories of risk in real time, providing customers a unique backbone of factual intelligence in which to manage supply chain risk, commodity risk and others risk types ahead of the curve.
To do this, Cytora collects raw data from millions of different web sources, detects and geolocates real world events in real time (e.g. port strikes, protests, weather events, fires etc.), and then distributes the data in multiple ways to make it easy to integrate and use.
The Cytora event detection engine is said to be flexible and the company says it can be used to gather event data about any phenomena that take place in the physical world.
A press release from Cambridge Enterprise says that risk advisories and consultancies use Cytora data to produce risk models, products and intelligence; that airlines use Cytora data to spot ground to air missiles that have been reported; that global corporates use Cytora data to monitor the world in real time for events that could disrupt their supply chain; and that investment banks and hedge funds use Cytora data to understand the impact of global risks on asset exposure.
Anne Dobree, head of seed fund investment at Cambridge Enterprise said: “With increasingly connected global markets and operations spanning limitless geographic locations, the task of monitoring events and anticipating their direct and indirect impacts is becoming more and more complex.
“Cytora is in a position to enable clients to observe the world using the web, producing a massive disruptive impact for all sorts of information, analytics and decision support companies.”
• PHOTOGRAPH SHOWS: Anne Dobree