UK startup GeoSpock has today announced that it has raised $5.4m in additional funding to increase adoption of its database technology.

The funding round, which brings the total raised by GeoSpock to over $32m, was led by digital ledger technology company nChain and Cambridge Innovation Capital. Additional investment came from NTT DOCOMO Ventures, KDDI Innovation Fund, Global Brain, 31 Ventures, Parkwalk and Meltwind.

GeoSpock offers what it claims is “the fastest, most scalable database on the market”, which is designed to support to growing real-time needs of technologies including connected vehicles, the internet of things (IoT) and smart cities, particularly in light of the increased use of machine learning and artificial intelligence.

It claims that established database technologies are too cumbersome to support these technologies at the speeds required.

“Businesses have realised that advanced analytics and rapid innovation is the key to building competitive advantage in a data-driven world, so where billion row queries that took hours were once acceptable, the market now demands trillions of rows and speed-of-thought results,” explained Dr Steve Marsh, founder and CTO of GeoSpock.

“Aside from performance and scale, database technology needs to be built with the future of the connected world in mind – providing flexibility and cost predictability, even as the demands for big data continues to grow.”

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By GlobalData

GeoSpock funding sees growth potential of big data analytics

For investors who have contributed to the latest GeoSpock funding round, the company is proving to be a leading player in the distributed big data analytics space.

“GeoSpock is at the forefront of distributed big data analytics,” said David Washburn, CEO of nChain.

“The company is disrupting the database analytics market and has significant synergies with the founding principles of nChain. We’re excited to see the platform’s potential being fulfilled in the coming years.”

In particular, the company believes it has powerful disruptive potential in the IoT big data analytics space, which is worth $386bn.

“We expect to become central to the companies and nations across the globe, transforming their legacy data infrastructures and building agile logical data warehouses,” said Richard Baker, CEO of GeoSpock.

“Versus existing competitors our platform is the best performing solution on the market – it is faster, more flexible, and drives cost predictability for connected everything workloads where location, time, and device analytics underpins autonomous decision making.

“We are delighted to have attracted investment and partnerships from such an extraordinary global base of investors which includes market leaders in blockchain, telecoms, smart building and smart cities solution innovators.”

Read more: Seismic hits $1.6bn valuation after $92m funding round