Consulting firm KPMG has invested £3 million in UK technology company Flexeye, which offers a platform to help organisations consolidate and analyse real-time data feeds from a variety of sources, like social media, mobile devices and customer databases.
Through big data analytics technology organisations can use this consolidated data to better understand risks, make more informed decisions and capitalise on the Internet of Things, said KPMG.
Applications for Flexeye’s technology currently include the banking industry for preventing the further mis-selling of products, transport companies to improve efficiency and local governments to enhance public safety. Founded ten years ago, the Guildford, Surrey-headquartered company has grown from a technology startup to a “scale-up” with offices in Hyderabad and Silicon Valley.
The investment follows a successful partnership with Flexeye to provide one of the UK’s largest high street banks with KPMG’s Konduct, a technology platform which manages “conduct risk” with the aim of preventing the mis-selling of products. The deal will allow KPMG to offer its clients similar risk-based products across a wide number of sectors, particularly in highly-regulated industries.
John Hall, financial services partner at KPMG, said: "Today’s organisations need to understand risks in real-time, inform their decisions based on predictive analysis and future-proof themselves to capitalise on opportunities such as the Internet of Things.
"Flexeye has grown rapidly in the past decade not only because their technology addresses the challenges of tomorrow, but it tackles the problems of today, like the mis-selling of products such as Payment Protection Insurance."
Justin Anderson, CEO of Flexeye, said: "This investment will support Flexeye’s plans for international expansion, as well as solidify the fusion of KPMG's financial services expertise with our leading edge tech solutions."