A business started by two University of Surrey PhD graduates has been acquired by leading fraud detection software company The ai Corporation, bringing a ‘Big Data’ approach to solving the multi-billion pound global fraud problem.
Less than four years since it was founded by Surrey computer PhD students Aaron Mason and Georgios Michalakidis, Thoughtified has been acquired for an undisclosed sum by the ai Corporation – a leading software solution provider in the payment fraud prevention market - in an outstanding example of the University’s thriving enterprise culture.
The two postgraduate students set up Thoughtified – based at Surrey Research Park – because they wanted to use their technological skills to answer the question: “How do I make sense of my data?” Having originally self-funded the start-up, joint Managing Directors Mason and Michalakidis have now raised significant funding from the Technology Strategy Board for projects in healthcare, conservation, facilities management and business analytics.
Winning a number of awards (including SETsquared Best Graduate Start-Up), Thoughtified has developed intelligent software for internet-based systems - making use of geographic, enterprise and mobile information - to meet a diverse range of needs. Some of the products the company has launched include MDT-FIT (a tool-kit enabling the effective management of cancer treatment by multi-disciplinary teams), Tiger Nation (a system for tracking the last remaining wild tigers and generating global interest) and Traditional Meeting Killer (a web-based platform to replace time-consuming meetings).
Following the acquisition by ai Corporation, Thoughtified will continue its work in advanced web development, focusing on predictive analytics and visualisation of big data, particularly in the financial sector.
Aaron Mason and Georgios Michalakidis say: “We are delighted to have joined forces with the ai Corporation. Thoughtified has been keen to expand further into the business and transaction analytics area and this acquisition will provide the company with great opportunities in the future.”
CTO of the ai Corporation Nick Ryman-Tubb says: “Thoughtified has a dynamic and creative team, and amazing technology that I believe will bring about a change in how we detect and manage fraud. I am delighted that we will now be one team using advanced computing, based on the latest research, to help slash the multi-billion annual global fraud problem.”