When you have a set of whole numbers in sequence, the value of those number is said to be ‘floating’ because the sequence can occur in an infinite number of locations in relation its decimal point. eg, 123456.7, 1234567000.00

Im no mathematician, clearly, if I am reading about it on Wikipedia; you should take a gander at it yourself.

http://en.wikipedia.org/wiki/Floating_point

But its kool that a musician would name themself after this concept. I can think of several ways in which Floating Points’ music reflects this mathematical concept.