If a bank wants to prevent fraud, detect money laundering or track sales, it would normally have to trawl through masses of data. Jason Kingdon, founder of Searchspace, says his company’s patented software is capable of interpreting data in real time on up to 50m transactions a day. Customers include Barclays, Lloyds TSB and the Bank of New York.
The company has raised £22m in funding from the venture-capital firms Montagu and 3i. Although not profitable, Searchspace boosted its sales 66% a year from £4.3m in 2001 to £11.9m in 2003.
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