David Benigson, Founder & CEO and Dr Miguel Martinez, Co-founder and Chief Data Scientist | Image credit: Signal AI
London-based Signal AI, an artificial intelligence company that transforms information into accessible and actionable business knowledge, announced that it has raised $50M (approx €44.4M) in its Series D round of funding.
With this, the company has raised a total of $100M (approx €88.81M) in funding to date.
Get to know the amazing finalists here
Investors
The round was led by Highland Europe, a firm that claims to invest in exceptional growth-stage software and internet companies.
Tony Zappalà, Partner at Highland Europe, says, “Signal AI is a stand out category defining business. We are excited to be involved with the next chapter of the company’s innovative growth. David and the leadership team have a clear vision for the decision augmentation category they are helping to define and as Gartner’s research has shown, the opportunity is huge.”
The round also saw participation from other investors including abrdn and existing investors Redline Capital, MMC, Hearst, and GMG Ventures.
“Transforming decision making through augmented intelligence”
Founded in 2013 by David Benigson, Miguel Martinez and Wesley Hall, Signal AI is a decision augmentation company, turning the world’s data into knowledge and empowering businesses to make informed and confident decisions.
Signal AI’s brain, named AIQ, understands a decision maker’s context, monitors the world’s data, and extracts knowledge from over 5 million news, blog, broadcast, and regulatory documents each day. It can surface the relationships between companies, people, products and topics as well as other concepts.
The company claims that about 40 per cent of the Fortune 500 use Signal AI’s decision augmentation solution for real-time market and media intelligence to uncover trends, risks, and opportunities, and to support critical decision-making.
Clients include a G7 Government who uses Signal AI to understand drivers for vaccine hesitancy; Deloitte, who use Signal AI to monitor changing policy and regulation trends to better advise clients; one of the largest FMCG who uses the technology to track the perception and risks in thousands of ingredients; and one of the FAANG who uses Signal AI to measure trust, perception and emerging reputational risk.
Capital utilisation
The proceeds from this round will be used by the company to further build out their innovative decision augmentation solution.
A recent report released by Signal AI, with input from over 1000 C-suite executives at large US corporations, shows that 85 per cent of business leaders believe that technology for decision making can bring in upwards of $4.26T in additional revenue to the US economy a year.
David Benigson says, “Our vision at Signal AI is to transform business decision making through augmented intelligence. 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.”
Recent appointments
Signal AI has recently brought on notable business talent, appointing Archie Norman, who is the only person to have been chairman of an FTSE 100 company and member of UK parliament at the same time and is currently chairman of Marks and Spencer, as chairman of the Signal AI Board.
The company has also appointed Sarah Wood, co-founder of Unruly – the global video advertising marketplace acquired by News Corp in 2015, as a Non Executive Director.
Besides, Signal AI has also made significant executive hires in Stephen Lucas as COO. His pedigree stems from Planday (acquired by Xero), Micromuse (acquired by IBM), Grass Valley, Receipt Bank, C9 (acquired by InsideSales.com) & KPMG. The company also hired Clancy Childs as CPO. He brings a wealth of data and product experience to Signal AI from his senior roles at both Dow Jones and Google.
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