Data Science Investment Counter —Funding raised by UK data science companies in 2018.
£ 5.640 Million

Factmata Raises $1M in Seed to Fight Fake News

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London-based Factmata wants to solve fake news with AI

Factmata, a London-based company working on machine learning technology able to counter  fake news online, has raised £700,000 ($1 million) in seed from a number of investors— although it has not released its product yet.

The round was backed by high-profile personalities  such as Twitter cofounder Biz Stone and freedom of information activist  Craig Newmark. Past investors include such heavy-weights as Mark Cuban, Mark Pincus,  Ross Mason and Sunil Paul.

The company is currently piloting a number of projects aimed at flagging up fake news, clickbait, misleading information, and otherwise bad content currently infesting the web.

In an interview with TechCrunch, company’s founder and CEO Dhruv Ghulati— a machine learning specialist— explained that what Factmata is gunning for is a ““community-driven AI: How do we take a machine learning model where you get data to train your model, perhaps pay 10,000 people to flag content? How can you build a system where [what you have and what you want] is symbiotic?”

Factmata’s machine learning team is reportedly working on three main tools. The first one will cater with the adtech sector: it will help advertisers and publishers check whether ads are given due visibility and are properly placed, or if spoof websites are managing to get funds by featuring legitimate ads on their platform— without the advertisers’ knowing.

A second product will deal with finding and flagging up extremely biased or incorrect content on aggregation platforms such as Facebook or Google.

“We are not trying to build tech that is trying to make articles unbiased. We’re not trying to create automated machine journalism that makes the most unbiased articles,” Ghulati explained. “We’re trying to surface and make clear to the reader that those biases do exist.”

Thirdly, Factmata is planning to work with publishers, news outlets and other platforms to assist them in fact-checking and verification.

“It is def a huge problem, and not one that will be solved this year or next year,” Ghulati said.

 

Image via bit.ly/2EATLwk

 

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