Cytora, a pioneer in event detection, whose risk analytics technology is deployed in some of the largest companies and governments in the world, today announced it has raised its second round of investment.
The round was led by Cambridge Enterprise, the commercialisation arm of the University of Cambridge, Parkwalk Advisors and an influential group of angel investors including Alan Morgan (Chairman of MMC Ventures). Terms of the investment were not disclosed, and the round was oversubscribed.
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.
Cytora is one of only seven firms chosen to participate in the prestigious 2015 Accenture FinTech Innovation Lab in London. Cytora is also the first start-up ever to receive funding from the Judge Business School at the University of Cambridge, after being incubated at Accelerate Cambridge.
The investment comes as organizations 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 flexible and can be used to gather event data about any phenomena that takes place in the physical world.