Amazon backed anti-misinformation startup Logically in a $24 million funding round after seeing this 16-slide pitch deck
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- Logically uses AI to root out viral misinformation and conspiracy theories online.
- The firm recently won investment from tech giant Amazon’s VC unit, the Alexa Fund.
- Insider got an exclusive look at the pitch deck Logically used to bring investors on board.
Logically, an AI startup helping governments and businesses root out misinformation online, recently raised $24 million in a funding round backed by Amazon.
The past decade has seen an explosion in harmful online misinformation, with extremist radicalization, political polarization, and even national election results being attributed to fake news and conspiracy theories.
The number of fact-checking and anti-misinformation firms has boomed in tandem, with researchers at Duke University finding the number of organizations around the world had more than doubled since 2016, from 186 to 378.
Based in Yorkshire, UK, Logically offers a mix of human moderation and artificial intelligence to allow entities such as government agencies to sift through thousands of pieces of content at a time, flagging false stories and fake news.
Using Logically’s “threat intelligence platform”, clients can keep track of relevant topics across the internet, including btoh public websites and forums and closed networks like social media app Telegram.
These tools allow users to get ahead of the rumor mill, the company says, with governments better placed to tackle disinformation campaigns, and companies likewise enabled to counter malicious reputational damage.
Corporate misinformation campaigns are a growing threat. In 2019, a false rumor spread on WhatsApp claimed UK-based Metro Bank “may be shut down or going bankrupt,” prompting thousands of customers to withdraw their cash. While the rumor was fake, it did compound the bank’s genuine cashflow problems.
As useful as Logically’s kit might be, it’s worth noting that tackling misinformation remains a tricky business, with no simple solutions to prevent campaigns in the first place. Patrick Walker, a former Facebook exec and founder of edtech app Uptime, has described tackling fake news as “a game of whack-a-mole.”
As part of its work, Logically regularly publishes research on the spread of misinformation, covering subjects like COVID-19, the 2020 US presidential election, and Russia’s invasion of Ukraine. Its key target markets are the US, UK, and India.
The firm has now raised investment from Amazon’s venture capital arm, the Alexa Fund, alongside Vitruvian Partners, which has previously backed the likes of Trustpilot and Just Eat, and the UK Northern Powerhouse Investment Fund.
“Given the evolving threat landscape and the increasingly sophisticated technology being used by adversarial actors, this investment will help us continue to stay at the forefront of the fight against misinformation, funding further research and development of end-to-end technology solutions that really break down and combat information threats,” said chief exec Lyric Jain.
Insider got an exclusive look at the pitch deck Logically used to bring investors on board. Check it out below: