Featurespace, a fraud detection and risk management firm, has raised $32.3m in a funding round jointly led by Insight Venture Partners and MissionOG.

The round also joined by the company’s existing investors IP Group, Highland Europe, TTV Capital, Invoke Capital and Robert Sansom.

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Featurespace funding

Featurespace intends to use the fresh funds to support its global expansion as well as strengthen its software capabilities.

The company also intends to bolster the distribution of its real-time ARIC platform. The platform leverages Adaptive Behavioral Analytics to detect potential frauds and for risk management.

The platform has been deployed by several banks, payments processors, insurance companies and merchant acquirers.

Featurespace CEO Martina King said: “Working very closely with our customers, we have developed a market-leading product to meet their fraud detection and prevention requirements. We have also significantly strengthened our senior management team and operational infrastructure, and opened an office in Atlanta, Georgia.

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“We have also grown our financial services customer base and now are working with 17 banks across continental Europe, the UK, US and Latin America.

“Equally important, we have become the technology partner of choice to a number of payment processors and merchant acquirers that have embedded our real-time fraud prevention technology in their anti-fraud solutions.”

Created out of Cambridge University’s engineering department, Featurespace has offices in Cambridge, London and Atlanta.