UK-based database GeoSpock bags $5.4m, to expand further into Asia

GeoSpock, a UK-based geospatial database platform, announced that it has raised US$5.4 million in additional funding in an extension of the company’s series A round led by blockchain solutions provider nChain and Cambridge Innovation Capital. This brings its total capital raised to date to over US$32 million.

GeoSpock founder and chief technology officer Steve Marsh / Photo credit: GeoSpock

NTT Docomo Ventures, the investment arm of Japan’s telecommunications company NTT Group, as well as existing investors Global Brain, Parkwalk, KDDI Innovation Fund, 31 Ventures, and Meltwind also participated in the round.

The company plans to use the new funds to improve its product and technical capabilities, as well as accelerate the development and adoption of its database in the market, according to a statement.

What problem is it solving? “With the emergence of connected vehicles, smart cities, and the deployment of internet of things (IoT) sensors, the amount of data produced globally has exploded,” the company told Tech in Asia, adding that traditional databases are “too slow and cumbersome.”

GeoSpock said it aims to produce a “cost-efficient, scalable, and fast database.”

What are its challenges? The company noted that Covid-19 has had a big impact on its business as the lack of face-to-face interaction when forming relationships has slowed down its development activities this year. It also faces difficulties in finding talent to build its business in new markets.

What’s the opportunity? GeoSpock CEO Richard Baker said the company aims to disrupt the US$386 billion IoT big data analytics market. It works with customers on a subscription basis and charges for compute nodes that are available for use.

With the increasing adoption of digitization throughout Asia, the company said its expansion plans will initially focus on Singapore and Japan as it develops teams and partnerships across the region.

How much traction has it gotten? GeoSpock is working with enterprise and public sector clients across Asia in the fields of smart city, automotive, maritime, telecommunications, and DataTech.

It has joined GeoWorks, the geospatial industry center set up by the Singapore Land Authority, and works with clients such as the Baltic Exchange, which is under the Singapore Exchange.

Additionally, it plans to appoint re-seller partners and system integrators throughout Asia to help scale the business.

Who are the team members? GeoSpock’s leadership team consists of Baker, founder and chief technology officer Steve Marsh, and chief operating officer Ian Hammond.

With a team of 40 people globally, it has a research and development unit in Cambridge and sales offices and teams in Singapore and Japan. It’s also looking to expand its presence in both Singapore and Japan in the year ahead, with both technical and customer-facing staff.