HomeFundingGeoSpock secures $1.25M in funding and joins TechStars

GeoSpock secures $1.25M in funding and joins TechStars

GeoSpock today announced a seed investment round of over $1.2 million. The investment comes from a group of UK-based entrepreneurs. In addition, GeoSpock has received £74,000 investment as part of its entry into the TechStars London Winter 2014 programme.

Lasting three months, the TechStars program provides an intense focus on defining product­market fit and on accelerating product development. The program finishes with each company delivering a product demonstration to several hundred of top venture capital firms and tech investors. GeoSpock, which was founded in Cambridge, enters the TechStars program beginning November 10th 2014.

Since its foundation in February 2013 GeoSpock has been developing technology that enables extreme­scale geospatial applications to be run at a lower cost while consistently maintaining sub­second response times regardless of how large the dataset grows. The fundamental product, GeoWarp, is widely applicable and has stolen a march upon existing geospatial database technologies, which suffer from performance degradation and increased running costs as data sizes grow.

The GeoWarp core also powers the company’s second product Collide, a next­generation
mobile enterprise enablement platform that gives app developers, brands and agencies the
ability to develop extreme­scale, multi­functional and proximity­based applications to deploy
as part of an integrated mobile­first strategy. The platform is already been used to power
commercial applications in the social networking and dating space.

Steve Marsh, CEO and co­founder of GeoSpock, stated: “At GeoSpock we believe in making the world we live in more intuitive through the use of technology. GeoWarp was built to enable a wide variety of applications to take advantage of contextual relevance with the integration and parallel searching of high­quality and multi­dimensional geospatial information. In a world which is rapidly changing and has the number of connected mobile devices growing exponentially we knew we had to solve the scalability challenges. Google has managed to maintain consistent sub­second query times regardless of how big the web grows; with GeoWarp we are working to achieve the same consistent sub­second query times regardless of how large your geospatial dataset grows or how rapidly it changes ­and we wanted to do this while still keeping costs low.”

GeoSpock is aiming to become the ubiquitous provider of Location Database-­as-­a-­Service,
and their GeoWarp technology has applications in multiple fast­growing sectors. As the
number of connected devices with GPS sensors increase it is clear that current location
databases will struggle to handle the massive influx of geospatial information. GeoSpock with their host of Cambridge PhDs and the backing of some major tech players hope we have hit onto the next big trend in the technology sector.

- Advertisement -
Thomas Ohr
Thomas Ohr
Thomas Ohr is the "Editor in Chief" of EU-Startups.com and started the blog in October 2010. He is excited about Europe's future, passionate about new business ideas and lives in Barcelona (Spain).

Most Popular