GeoSpock’s extreme-scale data mission in $5.4m funding boost
GeoSpock has raised $5.4m in its latest funding round, with new investors nChain and NTT DoCoMo Ventures coming on board as the extreme-scale big data integration company expands its mission to reinvent the way data is stored, analysed and deployed.
The new funding brings the total raised by GeoSpock to date to more than $32m. London-based global digital ledger research and solutions technology company nChain joined Cambridge Innovation Capital (CIC) as lead investors. NTT DOCOMO Ventures, the investment arm of Japan’s premier provider of telecommunications and ICT services, joined other participants Global Brain, Parkwalk, KDDI Innovation Fund, 31 Ventures and Meltwind.
David Washburn, CEO of nChain, said: “ 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.”
The finance is only one part of the relationship with the enterprise solutions company, whose services are built on the back of the most powerful blockchain for enterprises, Bitcoin SV.
“We can now start to collaborate on each other’s IP,” says GeoSpock’s CEO Richard Baker. “There’s crossovers on smart cities, digital health, logistics and automotive.
“It’s a sizeable commitment because they are the market leader. We’ll co-share strategic technology roadmaps, and offer a joint proposition to customers.”
The automotive sector offers a glimpse into what large-scale data integration can offer in terms of a joined-up economy. The massive amounts of data on board new-generation electric cars interacts with roadside sensors, generating new streams of data which GeoSpock interrogates.
To speed up that interrogation process GeoSpock has advanced the potential of SQL – Structured Query Language – queries.
Richard continues: “We often talk about volumes in terms of a gigabyte or petabyte but with spatial or location data it’s about rows, and it’s rows you are trying to analyse.
“So the benchmark is 10bn rows being queried, which is what Oracle or Amazon might achieve. At GeoSpock we undertook trillions of rows earlier this year – 1.3trn rows is over a 100 terabytes”.
The results of this for an automotive OEM could be significant.
“The machine-to-machine economy is very much a data economy as much as a financial economy,” Richard says. “One of the opportunities that opens up is where you currently use a credit card to fill up at a petrol station, in future the card could be the ID of the car itself, and you would settle the bill without a conventional transaction, using the blockchain.”
GeoSpock’s founder and CTO Dr Steve Marsh calls GeoSpock’s end point “planetary optimisation”.
He 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.”
Richard adds: “Our database is able to disrupt the $386bn 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.
“Investment from world-class investors represents an expression of confidence in our team, database technology, and the market opportunity ahead.”
Carol Cheung, CIC principal, said: “CIC is delighted to continue to support the multi-national growth of Geospock, Cambridge’s foremost analytics database company.
“GeoSpock’s demonstrable value add has withstood the operating challenges that Covid-19 has brought, and we look forward to a bright future for the company and team.”