Database firm GeoSpock raises £4.2m to tackle world’s data explosion

Posted on October 6, 2020 by Alistair Hardaker

GeoSpock has announced $5.4m (£4.2m) in additional funding to accelerate the development and adoption of its database tech.

This strategic investment round brings the total GeoSpock has raised to date to over $32m.

The latest round was led by nChain, a digital ledger research and solutions technology company, and Cambridge Innovation Capital (CIC).

The firm has also welcomed strategic investment from NTT DOCOMO Ventures, the investment arm of Japanese telecoms and ICT services firm provider NTT DOCOMO Ventures, with further backing from existing investors: Global Brain, Parkwalk, KDDI Innovation Fund, 31 Ventures, and Meltwind.

The firm hopes its tech can help to manage to explosion in data created by connected vehicles, smart cities, and the deployment of IoT sensors.

It said that traditional databases have proven too slow and cumbersome to provide real-time insights or be the basis for next-gen AI and machine learning use cases.

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.”

Richard Baker, CEO at GeoSpock added, “We are delighted to have attracted investment and partnerships from such an extraordinary global base of investors which includes market leaders in blockchain, telecoms, smart building & smart cities solution innovators.

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,” concluding “Investment from world-class investors represents an expression of confidence in our team, database technology, and the market opportunity ahead.”

 

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