UK-based Signal Media, a company that uses artificial intelligence to scan and analyse news stories, has raised £5.8 million. Investors include MMC Ventures, Hearst Ventures, Frontline Ventures, Reed Elsevier Ventures, and Local Globe.
Signal Media gathers and analyses over two million articles per day from over 2.7 million websites, 67,000 print feeds and 300 broadcast channels in order to provide curated information for the professional, legal and financial services sectors.
The company said that after it has seen tremendous growth over the past year, and Signal Media now employs more than 50 people. The new investment will be used to serve customers in new industries, expand to the US, and expand its workforce.
“Signal is one of the most promising companies in UK tech, and David and Miguel’s drive and vision has attracted some of the top AI talent in Europe. 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,” MMC investment director Simon Menashy said in a statement.