London-based artificial intelligence company Signal AI has secured $50m (£37.52m) in funding to develop its “decision augmentation” solution used by business leaders to make data-driven strategic decisions.
The Series D round was led by venture capital firm Highland Europe with participation from asset manager Abrdn. Existing investors Redline, MMC, Hearst and Guardian Media Group Ventures backed the startup once again.
It brings Signal AI’s total funding to $100m. In 2019 it was valued at $100m, with estimates putting its latest valuation at least $200m.
Founded in 2013, the company’s platform uses AI to analyse market and media intelligence that is relevant to a specific business decision-maker across multiple sectors.
Its software trawls the internet and pulls in data from over 5 million news, blog, broadcast and regulatory documents each day. It then feeds that data into the platform’s “brain”, called AIQ, and uses machine learning to provide insights.
Business users can ask AIQ questions, with the platform using natural language algorithms to return an answer.
The company says its platform is used by 40% of the Fortune 500 companies, including Google, Deloitte and the Bank of America.
“Our vision at Signal AI is to transform business decision making through augmented intelligence,” said David Benigson, CEO and co-founder of Signal AI.
Signal AI’s rivals in the business intelligence market include Dataminr, Cisio and Meltwater among its rivals. However, Benigson told TechCrunch that Signal AI can further by providing “more context” than other players in the market.
According to Signal AI’s own research, 85% of surveyed C-suite executives at large US corporations believe decision-making technology can bring a return of $4.26tr in additional revenue to the US economy per year.
Benigson added: The investment will allow us to continue to attract the best-in-class ML and AI product engineering talent, to scale our AIQ platform, grow our international hubs and advance the use of our decision augmentation solution with some of the world’s biggest companies.”
Tony Zappalà, partner at Highland Europe, said Signal AI is the “stand out category-defining business”.