RAISES

RAISES

Start-up that detects fake news raises £2.5m to prepare for US elections


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Logically – a tech start-up using AI to detect misinformation and to provide a factchecking service to combat fake news – has raised £2.5m to further develop its products in time for the US election.

The company has secured funding from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, and XTX Ventures – the venture capital affiliate of XTX Markets, a leading global algorithmic trading firm.

Logically, which is based in Brighouse, uses a team of dedicated fact-checkers alongside artificial intelligence (AI) and digital forensics to analyse media stories and conspiracy theories to help the public separate facts from falsehoods.

It can also track sources of disinformation, as it did recently when it identified false information purporting to link COVID 19 to 5G phone masts. Logically has a free app for consumers and also works with governments, news organisations and social media platforms to help prevent misinformation. It has already been used successfully in the Indian general and regional elections last year, in which it detected over 130,000 pieces of problematic content. It has secured contracts in the USA with public sector and social media platforms in the country to report on the forthcoming elections.

Logically was founded in 2017 by Lyric Jain, a graduate of both Cambridge and Massachusetts Institute of Technology (MIT), after witnessing the public debate about Brexit and the 2016 US elections. The company now employs 15 staff in Yorkshire and a
similar number in London.

Lyric Jain, CEO, said: “With the rise of the internet and social media, falsehoods travel faster than the truth. Misinformation can polarise societies and has become a serious threat to democracy. Logically aims to stop the spread of disinformation, ensure people see both sides of the story and keep elections free and fair. Following on from our early successes in India and Europe, we are looking to establish Logically as a partner for governments, businesses and consumers around the world.”

Ashwin Kumaraswarmy, Investment Manager at Mercia, added: “Logically has developed an AI technology and an impressive client list. It is well placed to work alongside social media platforms like Facebook, as well as Government bodies and businesses, to tackle a growing issue of fake news.

Ekaterina Holt, Head of XTX Ventures, said: ‘’We were impressed with Logically’s technology and team from day one. We invest in emerging companies utilising AI/ machine learning, and in Logically we are proud to support another company that will be a future leader in the world of information and data.’’

Grant Peggie, Director at British Business Bank, said: “We are pleased that NPIF has continued to support high-growth businesses in the North, providing vital funding to enable businesses to create new jobs and expand into new markets. This investment demonstrates how this funding can make a real and measurable difference to innovative businesses across the Northern Powerhouse region, creating a more prosperous regional economy.”

The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

For more information, please contact:
Alison Dwyer Head of Marketing and Communication
Mercia Asset Management PLC
+44 (0) 330 223 1430
Alison.dwyer@mercia.co.uk

Pauline Rawsterne
PR Agent Turquoise PR
+44 (0) 161 860 6063
+44 (0) 780 163 9816
pauline@turquoisepr.co.uk

About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet,

venture, private equity and debt capital; the Group’s ‘Complete Capital Solution’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet. The Group has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia has over £500million of assets under management and, since its IPO in December 2014, has invested over £84million across its direct investment portfolio.

Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –

• Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856

• Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363

• EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560 www.mercia.co.uk

About The Northern Powerhouse Investment Fund

• The Northern Powerhouse Investment Fund will invest in Microfinance, Business Loans and Equity Finance sub-funds which will offer financing ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development

. • The Northern Powerhouse Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.

• The Northern Powerhouse Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.

• The NPIF covers the following LEP areas: Tees Valley Combined Authority, Greater Manchester, Cheshire and Warrington, Cumbria, Liverpool City Region, Lancashire, Humber, Leeds City Region, Sheffield City Region, York, North Yorkshire and East Riding

• The project is receiving up to £140,359,192 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit :https://www.gov.uk/european-growth-funding.

• The funds in which Northern Powerhouse Investment Fund invests are open to businesses with material operations, or planning to open material operations, in, Yorkshire and the Humber, the North West and Tees Valley

. • The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at: www.thebusinessfinanceguide.co.uk/bb

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Docoh Raises $345K Seed Round to Democratize Investment and Corporate Research


TORONTO, CANADA – July 2020 – Docoh, the Toronto fintech startup that gives everyone access to professional-quality information about public companies and stocks, has today announced the closing of $345,000 in seed round funding.

The startup, which launched in March 2019, uses proprietary technology to synthesize information and data from a wide range of sources, including public filings, patent applications, industry regulators, and press releases. Most information on Docoh is available at no cost to users, and can be easily accessed on mobile or desktop. It is currently used by retail investors, accountants, lawyers, recruiters, corporations, software companies, journalists and a growing list of professionals and non-professionals alike.

The new round will enable Docoh to further capitalize on its position with real-time notifications, data for hundreds of new types of corporate material events, and innovative new tools to help everyone make better investments and understand the implications of financial data and corporate actions.

Richard Robinson, CTO and co-founder of Docoh, announced, “We couldn’t have wished for a better group of investors, whose network and knowledge of the software and finance industries gives us a huge advantage. Everyone’s excited about the potential to disrupt a closed, confusing and costly industry, and level the playing field by finally giving the 99% access to the same information that the 1% has always locked away.”

For more information and to sign-up for free, go to https://docoh.com

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Temporary Space Company ootBox Raises $900k Seed Funding Round


ootBox, a company that builds and leases temporary spaces manufactured from cargo containers, announced that it raised $870,000 in seed funding. This seed stage equity round was led by venture capital firm i-Hatch Ventures, with participation from Bolt Ventures and Island Capital. This funding will accelerate ootBox’s production in Columbus, Ohio and help further scale the product.

“ootBox’s focus is to create temporary space that is both beautiful and flexible,” said Robbie Friedman, cofounder and Chief Executive Officer of ootBox. “With everything that is going on in the world today, the ability to deploy space wherever it’s needed, without sacrificing anything in terms of comfort, natural light and design is more important than ever.”

An acronym for “out of the box”, ootBoxes have been used for everything from temporary home offices, to hospitals, retail experiences and development sites, thanks to the small footprint and customization opportunities.

“Our leasing and plug and play approach approach fits perfectly with the unknowns facing the world of real estate right now,” said cofounder Allison Zofan.

Designed using custom 10-foot cargo containers and punctuated by tempered glass on two sides, an ootBox arrives on a flatbed truck, plugs in to a standard outdoor outlet and is available for short-term leasing.

Brad Farkas is a managing partner at i-Hatch, a venture capital firm that specializes in early stage ventures.

We’re thrilled to be a part of the future of low-cost high quality temporary spaces, especially in today’s environment where there is a critical need for short term swing spaces for home offices, gyms, commercial offices, retail, and the like. ootBox represents a new industry of instant special-purpose spaces that can be customized and delivered on a moments notice for a breakthrough low price”.

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HEMIDEINA RAISES $4 MILLION IN SERIES A ROUND SIGNALLING STRONG MARKET SUPPORT


MELBOURNE, AUSTRALIA. November 16, 2019: Hemideina, a hearing solutions company focussed on the development and commercialisation of the Hera Wireless Implant, announced today that it successfully raised a Series A investment of $4 million in their second round of equity financing.

The capital raising follows the company’s success in validating its core mechanical signal processing technology. Achieving several significant technical milestones convinced investors that Hemideina was on track with their development and commercialisation strategy.

This financing will enable Hemideina to invest in its development program to advance the Hera Wireless Implant towards pre-clinical testing, extend the company’s IP portfolio and expand the expert team who will lead the company’s commercialisation activity.

Dr. Elizabeth Williams, CEO of Hemideina said: “We are incredibly appreciative of the overwhelming response to our Series A round from both existing and new investors. The local investment community has demonstrated a strong understanding of our proposition, and its inherent value. We have made substantial progress this year and we are moving closer to realising our clinical and commercial objectives.”

Andrew Maxwell, Chairman of Hemideina, said: “This pioneering, life-changing technology with global relevance is an incredible alternative for the hearing impaired. Our solution will provide an option for families in the well-established and reimbursed market that includes children under the age of 18, and also the substantial emerging seniors market. It is a powerful story and investors can see its health benefits and economic promise. The recent level of interest from the global hearing implant clinical community and support from investors will play a crucial role in helping realise the full potential of this technology and market opportunity.”

The Company’s capital raise was managed by Henslow, an independent advisory firm that supports growing companies and their stakeholders through every phase of the business’s evolutionary life cycle.

About Hemideina

Founded in 2017 by scientists, Drs. Kate Lomas and Elizabeth Williams, with a mission to revolutionise hearing for the profoundly deaf, Hemideina takes inspiration from biological systems to deliver solutions in human hearing. Hemideina’s Hera Wireless Implant is based on the company’s proprietary signal processing technology and is set to disrupt the hearing implant market currently worth $1.8bn.

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