In 1993 Jason Kingdon and four colleagues left the Intelligent Systems Laboratory of University College, London, to found Searchspace, with the aim of commercialising artificial intelligence – or “the art of making machines do things that would require intelligence if done by man”.
They went on to develop software that acts as an “intelligent watchdog”, policing an entire IT network and reporting irregularities. Their customers include Barclays and Lloyd’s of London.
With offices in London, New York and Frankfurt, the company claims its networks monitor $400,000 billion worth of transactions every year. Sales have increased 62% a year, from £1.1m in 1998 to £2.8m in 2000. Searchspace still made significant losses, however, and raised £9.5m of venture capital in April.
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