February 3, 2015
FiscalNote, the Washington, D.C.-based startup whose artificial intelligence technology analyzes and predicts the outcome of legislation, announced this morning that it raised a Series B round of funding led by Chinese social network Renren. The social media giant joins early investors including Visionnaire Ventures, New Enterprise Associates, Jerry Yang/AME Cloud Ventures, Steve Case, and Mark Cuban.
With this new funding, Fiscal Note has raised a total of $18.3 million. Just last November, the company raised a $7 million Series A round led by the Singapore sovereign wealth fund Visionnaire Ventures.
“This will be a breakout year for FiscalNote,” said FiscalNote cofounder and CEO Tim Hwang, in a statement. “While we did not need the capital, we decided to take advantage of the massive growth we’ve been seeing. We anticipate aggressively hiring top talent, developing and releasing new products, and taking steps toward new markets, both domestic and international.”
As The Wall Street Journal reports, the new funds will allow the company to possible expand into new markets and opening offices in Europe and Asia. The company also hopes to grow its current staff of 35 employees to 100 by the end of the year.
FiscalNote was founded in 2013 after a need was discovered for legislative data. The company’s platform applies artificial intelligence to real-time and historic legislative data to predict legislative outcomes with 94 percent accuracy. Their client base includes the likes of Planned Parenthood, New Balance, both the Republican and Democratic Governors Associations, and the Natural Resources Defense Council.
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