Fake news detecting start-up raises £2.5m ahead of US elections
Posted on July 14, 2020 by Alistair Hardaker
A tech start-up using AI to detect misinformation and provide fact-checking services to combat fake news has raised £2.5m to further develop its product in time for the next US election.
Logically has secured funding from NPIF – Mercia Equity Finance and XTX Ventures, the venture capital affiliate of algorithmic trading firm XTX Markets.
The firm has a free app for consumers and works with governments, news organisations and social media platforms to help prevent misinformation.
The Brighouse-headquartered team uses a combination of fact-checkers, AI and digital forensics to analyse media stories and conspiracy theories to help the public separate facts from falsehoods.
It can also track sources of disinformation. The firm reports it recently applied its technology to weed out false information which furthered the conspiracy of a link between COVID-19 and 5G phone masts.
It has also been used in the Indian general and regional elections, in which it reports to have detected over 130,000 pieces of problematic content.
It has now secured contracts in the USA with public sector and social media platforms to report on the forthcoming elections.
Logically was founded in 2017 by Lyric Jain, a graduate of both Cambridge and Massachusetts Institute of Technology (MIT), after witnessing the public debate about Brexit and the 2016 US elections. The company now employs 15 staff in Yorkshire and a similar number in London.
Lyric Jain, CEO, said: “With the rise of the internet and social media, falsehoods travel faster than the truth. Misinformation can polarise societies and has become a serious threat to democracy.
“Logically aims to stop the spread of disinformation, ensure people see both sides of the story and keep elections free and fair. Following on from our early successes in India and Europe, we are looking to establish Logically as a partner for governments, businesses and consumers around the world.