GeoSpock smart cities analytics part of £150m Cambridge funding
Smart cities data specialist GeoSpock is one of 25 companies to receive funding as part of a £150m raise led by Cambridge Innovation Capital.
The round was supported by a range of institutional and strategic investors, including the Cambridge Endowment Fund, and is believed to be one of the largest private financing rounds in Europe this year.
Set up by the University of Cambridge, the scheme supports technology and science companies throughout the city and has raised £275m to date.
Other companies supported by CIC include liquid biopsy firm Inivata, low-cost flexible electronics maker PragmatIC and video management platform Imagen.
Victor Christou, CEO of CIC, said: “The Cambridge ecosystem holds one of the richest seams of scientific knowledge and technological innovation in the world.
“The additional capital will enable us to fund our existing portfolio companies and invest in promising new companies in the Cambridge ecosystem.”
As part of the CIC cohort, GeoSpock raised £12m this year to scale its geospatial big data platform and develop client accounts in strategic markets such as Singapore and Japan.
In January, the firm raised £10m of investment from CIC, Cambridge Innovation, Parkwalk Advisors and Japanese firms Global Brain and 31Ventures. And last week, it received an additional £2m from Parkwalk Advisors to “provide continued support for GeoSpock’s international expansion” and “build on the company’s rapidly developing client accounts”.
Since raising the investment, GeoSpock has added to its leadership team and advisory board, including Pontus Noren, vice chairman of Blackstone’s Cloudreach global data business, and launched new projects to aid growth.
Founded in 2013 by Cambridge University computer science academic Steve Marsh, GeoSpock has developed a geospatial big data platform that helps businesses access hidden insights to streamline the decision-making process.
In a smart city environment, the software is being used to map crimes, visualise traffic data, identify congestion trends and public transport route hotspots, monitor air quality, and understand citizen behaviour.