Harbottle & Lewis has advised GMG Ventures LP on its lead investment in Signal Media, the artificial intelligence-powered decision support platform, which was part of a $16m (£12m) Series B round.
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.
Signal tackles the information overload facing executives as they seek information they need to help shape their decisions. Signal applies a layer of 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 powerful self-serve application, giving executives personalised real-time awareness into the conversations, market movements and issues affecting their world. The $16m investment will be used to expand further into the US and accelerate Signal’s mission to uncover the ‘unknown unknowns’ facing businesses today, highlighting the risks and opportunities so leaders can take effective action.
“We have a system that’s constantly evolving and getting smarter and more intuitive for our customers as they use it,” explained David Benigson, Signal’s CEO and Founder. “Most businesses above a certain size already have a business intelligence tool that enables them to analyse their internal data in considerable depth. Our objective is to provide senior leaders with as much clarity and transparency about what’s happening outside of their organisation as they have inside it.”
“GMG Ventures’ investment strategy is to focus on talented management teams and innovative companies that are disrupting the news and digital media sector. Signal’s sophisticated AI engine is changing how people consume news and information and is redefining how businesses and organisations leverage insight as part of their long term strategy,” said Alan Hudson, Founder and Managing Partner at GMG Ventures. “Signal has a focused management team who we believe are going to win in this emerging space. We are delighted to lead this new investment round alongside world-class investors.”
Tony Littner, head of the firm’s Venture Capital practice, led the team that advised GMG Ventures on the investment.