Tackling “fake news” has become big business with lots of venture capitalists looking to cash in.
The UK-based startup Logically, which uses AI to detect fake news, has secured approximately $3 million funding to develop its technology ahead of the US presidential election. The funding came from NPIF Mercia Equity Finance and XTX Ventures.
Ashwin Kumaraswarmy, an investment manager at Mercia said, “Logically has developed an AI technology and an impressive client list. It is well placed to work alongside social media platforms like Facebook, as well as Government bodies and businesses, to tackle a growing issue of fake news.”
Logically was founded in 2017 by Lyric Jain, who graduated from Massachusetts Institute of Technology (MIT) and Cambridge. The public debate on Brexit and the 2016 US elections, which were both plagued with fake news, inspired Lyric Jain to establish the company.
Logically identifies fake news through artificial intelligence (AI), human fact-checkers, and digital forensics. The company says it helped track sources of the coronavirus and 5G accusations.
The startup works with news organizations, social media companies, and governments. Already, Logically says it has helped address misinformation during the 2019 general elections in India, where it supposedly helped identify more than 130,000 links to pieces containing misleading information.
Recently, Logically signed contracts with social media companies and other interested parties to help identify fake news regarding the upcoming presidential elections.
“With the rise of the internet and social media, falsehoods travel faster than the truth. Misinformation can polarize 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,” said Lyric Jain, CEO of Logically.