Signal Media, a London, UK-based artificial intelligence-powered reputation management and decision support platform, raised $16m (£12m) in a Series B funding.
The funding round was led and priced by GMG Ventures LP, an independent VC fund whose limited partner is The Scott Trust, owner of The Guardian news organization. MMC Ventures was the largest investor in the round, which included a debt facility from Kreos Capital. Other investors include Frontline, Hearst Ventures, Reed Elsevier Ventures and LocalGlobe.
The company intends to use the funds to expand further into the US.
Led by David Benigson, CEO and founder, Signal applies machine learning to extract insight from over 2.8m global online, print, television, radio and regulatory sources, translated in real time in over 100 languages from 200 markets. This insight is placed in a self-serve application, giving executives personalized real-time awareness into the conversations, market movements and issues affecting their world.
Focusing initially on reputation management for PR and communications, the company directly challenges large incumbent providers such as WPP’s Kantar, Cision and Isentia in a market worth over $2.2bn, expected to grow to $4.2bn by 2022. Signal is now expanding into risk management for tax and compliance, as well as business development in financial and legal services.
Today, the company has over 200 clients including Allen & Overy, Amnesty International, British Airways, E.ON, TalkTalk, Thomas Cook and Whitbread – among many other names. The firm has a team of almost 100 people.