Developer Recorded Future raises $12 million for forecasting technology

CIA investment wing In-Q-Tel participated in the venture capital round.

Prediction technology developer Recorded Future, which makes software to analyze military and intelligence data, has raised $12 million in venture capital, Boston Business Journal reports.

The latest round of funding was led by London-based Balderton Capital. CIA investment wing In-Q-Tel, Google Ventures, Atlas Venture and IA Ventures also provided venture capital.

The start-up’s algorithms mine data feeds from tens of thousands of Web sources -- such as news and social networks -- to forecast geopolitical or economic events for businesses and government agencies. It has a separate set of tools for defense and intelligence analysts to extract predictions from publicly available sources, online networks and classified data.

The company, based in Cambridge, Mass., and Göteborg, Sweden, has $20 million in funding to date, according to reports.