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AI startup tackling corporate exposure to fake news seals £5.8m in funding

With the issue of fake news and unreliable news sources coming to the fore in the wake of the US election, a London-based information intelligence startup has raised a seven-figure funding round to help combat corporate exposure to bogus information.

Signal Media, which is based in Whitechapel, has raised £5.8m funding from major venture capital firms, including MMC Ventures, Hearst Ventures, Frontline Ventures, Reed Elsevier Ventures and Local Globe.

The startup’s technology utilises artificial intelligence (AI) to analyse and filter over 2m news articles per day to curate real-time, actionable information for businesses, including ‘reputational threats’ and ‘market movements’.

David Benigson, Signal Chief Executive Officer, said that his firm’s technology can help businesses filter out the noise of spurious news articles and poorly sourced information at a time when it is becoming increasingly difficult to do so.

He said: “High volumes of poor quality information is making it impossible for leaders to understand what is really happening in their world.

“Our revolutionary technology helps businesses track change and make smarter, faster decisions with certainty and clarity. This funding will fuel our global growth and drive product development.”

Signal currently targets businesses in the financial and professional services sector, with clients including Freshfields, Old Mutual Wealth and PageGroup utilising its AI-powered information platform.

However, this new round of funding will support expansion into new ‘industry verticals’ and, with the backing US VCs, fuel its expansion into the US market in 2017.

The startup, which currently employs 50 people, will also use the investment to further expand its senior team, complementing the addition of former SwiftKey VP, Brandon Mensinga as Chief Operating Office.

Simon Menashy, Investment Director at MMC Ventures, described the company as one of the most ‘promising companies in UK tech’ and that founders David Benigson and Dr. Miguel Martinez had managed to attract some of Europe’s top AI talent.

He added: “The company has grown incredibly quickly by solving real business problems using cutting-edge technology. Its impressive list of clients demonstrates the value of Signal’s product and we think the team can build the next big global information business.”

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