Predata, a NYC-based provider of a predictive event intelligence platform, secured $3.25m in venture funding.
The round was led by Edison Partners with participation from hedge fund manager Kyle Bass, Chicago Ventures, and Conversion Capital. In conjunction with the funding, Chris Sugden, managing partner at Edison Partners, will join Predata’s board of directors.
The company will use the funds for continued product innovation and go-to-market expansion.
Led by CEO James Shinn and CTO Andrew Choi, Predata provides hedge funds, corporate security officers, and government agencies with a platform to collect and visualize large digital conversations from a range of social and collaborative media. The signals generated from these conversations are then used to predict the probability of events occurring within a 1 to 90 day window, including asset price changes, civil society boycotts and protests, labor strikes, electoral results, and national security outcomes.
Applications already included anticipation of attacks on oil infrastructure in North Africa; military provocations by Vladimir Putin’s expansionist Russia;
shifts in public sentiment during the Brexit referendum; and large moves in currencies and interest rates by monitoring digital discussions on central banking.
Predata supplies Bloomberg with a daily index of political volatility for 125 countries, which is available on the Bloomberg terminal for trading and asset allocation decisions.