Jason Kingdon and four colleagues left University College London in 1993 to found Searchspace. Their software acts as an “intelligent watchdog” for financial institutions that are looking for patterns of transactions. The technology is being used to fight money laundering and fraud, as well as in auditing, risk management and sales. Customers include Lloyds TSB and Wells Fargo. Sales have risen 61% a year from £1.7m in 1999 to £4.3m in 2001, when it made large losses. The company raised £9.5m in venture capital in 2001.
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