LONDON: Signal Media has raised $16 million in a Series B funding round to fuel its U.S. expansion, challenging market incumbents such as Kantar, Cision, and Meltwater.
GMG Ventures, the venture capital unit of Guardian Media Group, led the funding round.
Signal Media head of strategy Felix Danczak described itis platform as a reputation management and market intelligence system fueled by artificial intelligence. It combs through 2.8 million online, print, TV, radio, and regulatory sources, and its system learns from users’ queries and adapts over time.
Many companies only use internal information to inform their decision-making because it’s accurate and verifiable, but Signal hopes to increase the datasets that clients can access, Danczak said. He described the company’s approach as focusing on PR and communications at first, but eventually expanding beyond marketing into risk management for tax and compliance and business development in financial and legal services.
"Over the long term, this is about giving decision makers as much information about the external environment in which they sit, the world in which they operate," Danczak said.
Signal is also planning a U.S. expansion in the second half of the year, increasing headcount across its New York and Washington, D.C., offices to as much as 20, Danczak said. It is hiring for sales, marketing, and support functions.
The series B funding round included Frontline, Hearst Ventures, Reed Elsevier Ventures, LocalGlobe. MMC Ventures was the largest investor. The round also included a debt facility from Kreos Capital, according to a statement.
Signal has raised $27 million since it was founded in 2013, according to a statement from the company. Clients include Allen & Overy, BA, TalkTalk, Whitbread, and E. ONAllen & Overy, BA, TalkTalk, Whitbread, and E. ON.