The 15 in Arctic15 stands for 15 finalists of the pitching competition. We introduce them all. This is story No 14.
In early 2012, at the height of the terrorist chase US Secretary of Defence Donald Rumsfeld made some public comments about known knowns and known unknowns, putting the words into general use across the world. He said unknown unknowns – the ones we don’t know we don’t know – have tended to be the most difficult throughout the history of the United States and other free countries.
Unknown unknowns are exactly what the Finnish startup CAP Data is chasing. It provides analytics solutions to reveal unknown unknowns in the data. Such anomalies can reveal valuable information like security threats or service and process failures. The CAP team combines a deep scientific background from the University of Jyväskylä in central Finland with experienced business competence.
CAP says its uniqueness is in spotting anomalies automatically without needing fingerprints in large volumes of data, using machine learning algorithms. CAP finds the needles in the haystack and detects when there is an unusual event or behaviour in the system. The company is working with its first clients and partners in cyber-security, enterprise network management and financial services. It makes money in revenue-share and recurrent licensing fees.
The global annual value of the underlying product and service businesses is in the tens of billions of euros. The CAP potential out of that is in the hundreds of millions. It has so far raised 161,000 dollars in funding and is looking for a new financing round later this year.