Energy continues to build behind those seeking a solution to fake-news on the internet. Factmata, an anti-fake news startup, announced last week that a number of high profile investors have filled out their seed round. The list of notable investors includes: the founder of Twitter, Biz Stone, and the founder of Craigslist, Craig Newmark. They follow high profile investors Mark Cuban, Ross Mason, Mark Pincus and Sunil Paul.
“It’s inspiring that some of the leading internet pioneers have decided to back Factmata’s vision and technology,” said Factmata’s Founder, Dhruv Ghulati in a recently released statement. “This round allows us to focus on building out the ambitious architecture that will solve some major upcoming problems on the internet – reducing online misinformation, screening questionable content and providing more context on what is already out there.”
Factmata has gained critical support from high profile investors as it pursues its mission of reducing misinformation on the web. They have targeted publishers and advertisers, programmatic advertising companies, large scale online communities and social networks.
Factmata’s technology focuses solely on news and leverages machine learning algorithms for advertisers so they are aware of every detail of their chosen advertising platform. This prevents inadvertent placement of low quality, fake, or hateful content on the web. The company will rely upon the data received from content to drive monetization across verticals that aim to analyze the news, rather than pursuing ads as a revenue source.
“I predict that in 5-10 years’ time, a new social news platform will capture market share that fully focuses on readers and their desire for high quality, credible information. This news platform will allow the user to engage in the news process, using a combination of humans and artificial intelligence working together to make the platform better,” stated Ghulati.
