Founded in 2015, Oakland-based Outlier uses artificial intelligence (AI) and machine learning algorithms to identify patterns and changes within business data and generate insights.

Outlier said the investment would help it to expand into the financial services sector. The company’s automated business analysis tracks changes in customer behaviour, which can also be used to identify fraud or organised crime.

The financial terms of the deal were not disclosed.

Venkatesh Seetharam, partner, Capital One Growth Ventures, said: "Outlier enables the ability to sift through large data sets and deliver insights in the form of ‘Stories’ to elevate anomalies that may require immediate attention. This allows organisations to leverage employees for high-value tasks and removes heavy manual data shuffling and analysis."