British market-intelligence startup Signal has announced that it has raised $1.8 million ahead of the global launch of its platform, which scours media sources across the web and analyzes the content to offers users insight into what people are saying. The company says that the funding, obtained from Irish VC Frontline Ventures, Samos Investments, Reed Ventures, and a host of private angels, will be directed towards hiring additional data scientists and to continuing to develop the platform before the big global launch.
Signal currently offers solutions in brand and media marketing, market intelligence, and media and content marketing. The first is billed as being able to track a particular story and indicate how it may impact the brand’s reputation. Their market intelligence aims to provide insights in the client’s industry and competitors, while the media and content marketing service is designed to help businesses respond to news stories by tracking consumer responses.
The platform developed by Signal functions by drawing information from 75,000 news outlets, 3.5 million blogs, and 100 social networks, allowing users to create custom feeds on relevant topics, companies, people, and trends. The inspiration for the business came to Signal CEO and founder David Benigson in 2012 after deciding that legacy media-monitoring services are not as well suited for the digital age and, as a result, has spent the last couple of years working with academics in the fields of natural-language processing, text analytics, and machine learning to build his own platform.