GeoSpock has announced $5.4 million (€4.60 million) in additional funding. This is to accelerate the development and adoption of what is claimed to be the fastest, most scalable database on the market. This strategic investment round brings the total GeoSpock has raised to date to more than $32 million (€27.28 million).
The round was led by nChain, a global digital ledger research and solutions technology company, and Cambridge Innovation Capital (CIC). GeoSpock also welcomed strategic investment from NTT DOCOMO Ventures, the investment arm of Japan’s premier provider of telecommunications and ICT services, with further backing from existing investors: Global Brain, Parkwalk, KDDI Innovation Fund, 31 Ventures, and Meltwind.
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. With the latest funding round, GeoSpock is able to invest in advancing its product and technical capabilities.
Dr. Steve Marsh, founder and CTO says, “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 adds, “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 (€329.11 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.”
Commenting on the news, David Washburn, CEO of nChain says, “GeoSpock is at the forefront of distributed big data analytics. The company is disrupting the database analytics market and has significant synergies with the founding principles of nChain. We’re excited to see the platform’s potential being fulfilled in the coming years.”