Intelligence and security specialist Synalogik raised more than £3.0m (€3.6m/$4.1m) in a Series A funding round led by former Tesco chief executive Sir Terry Leahy.
Other high-profile investors including Bill Currie, founder of retail, ecommerce and tech investment fund the William Currie Group, and gambling industry heavyweight Mark Blandford.
Synalogik said it will use the new capital to scale its Scout data aggregation and reporting platform across different markets and territories, as well as expedite the launch of additional products.
These solutions, Synalogik said, will help to widen the application of its data aggregation, risk identification and decision intelligence capabilities.
Synalogik, which provides Scout to operators such as Entain and Betway, also said it will invest in its staff, research and development, with plans to double the size of its engineering team and strengthen its customer support department.
“The data landscape is exploding, organisations have unprecedented opportunities to make intelligent decisions based upon the data within their ecosystem or immediately available to them,” Synalogik chief executive Gareth Mussell said.
“Organisations are struggling to harness these opportunities and often rely on manual processes to aggregate data – this is simply not scalable.”
“Scout has been developed to overcome these challenges and it’s great to see that the potential for the business and our growing suite of solutions has been recognised by high profile investors such as Sir Terry Leahy, Bill Currie and Mark Blandford.
“Closing this Series A funding round allows us to rapidly scale up our capabilities, increase our headcount and bring new and exciting products to market that will allow us to better serve existing and new clients.”
Sir Terry Leahy added that the threat from money laundering and fraud to public and private organisations was “very significant and growing”.
“Businesses are struggling to meet compliance standards and need better solutions like the Scout product from Synalogik which transforms the speed of data aggregation and analysis of risk.”
