Signal AI has raised $50 million in funding to boost its ‘decision augmentation’ platform, which leverages artificial intelligence to help companies keep track of changes in operations and business. The AI is capable of tracking things like customer sentiment.
Signal AI announced the funding round on Wednesday. The funding was led by Highland Europe, with abrdn and other returning backers.
The company did not announce its valuation but said to TechCrunch that it is now worth twice as much as after the previous funding round. To date, Signal AI has raised about $100 million in funding.
Signal AI is based in London and uses artificial intelligence to collect 5 million news articles, documents from the web, and regulatory filings every day. It then uses machine learning to find meaningful patterns.
The platform processes the information collected and then makes it available to clients who can run natural-language queries to discover interests.
One of the use cases for this kind of information is sentiment tracking. The platform collects customer sentiment signals from the web and shows them in an easy-to-read dashboard. Businesses can use it to track sentiments about their brand over time.
What else can it do
Signal AI can also track supply chain risks and aid legal teams in tracking regulatory developments. The platform automatically filters the collected data to remove the need for customers to find what they want manually. It removes the duplicate items and ranks data according to priority.
The company says that the platform is used by more than 700 organizations. More than 40% of the firms on the Fortune 500 List are customers, including Bank of America, Google, and Deloitte.
Gartner predicts the decision augmentation of AI technology to be on track to surpass all other AI initiatives aimed at AI-derived business value.