Logically, a Brighouse-headquartered technology company using advanced AI to tackle harmful mis- and disinformation, has completed a $24 million funding round led by growth investor Vitruvian Partners.
The round also included investment from the Amazon Alexa Fund, and existing seed investors XTX Ventures and the Northern Powerhouse Investment Fund (NPIF), managed by Mercia Asset Management Plc.
Logically will use the funds to scale its capabilities and drive growth across its three core markets in the US, UK and India. The investment enables Logically to accelerate its technologies across AI, machine learning and OSINT, and stay at the forefront of the fight against harmful and misleading online information and conspiracy-driven threats in critical areas such as election integrity, public health and national security.
Online mis- and disinformation continues to cause significant real-world harm. In the past year we have seen the results of democratic elections questioned, COVID-19 vaccine take-up stall, and the rise of violent extremism fuelled by conspiracy ideology. It has been estimated that fake news is costing the global economy around $78 billion every year. Increasingly governments, organizations and platforms are recognizing an urgent need to tackle harmful and misleading online content, a need further compelled by the growing disinformation-for-hire industry intent on spreading false information for financial or ideological gain.
Lyric Jain, founder and CEO of Logically, said: “I am delighted to announce our latest fundraising round led by Vitruvian Partners. Vitruvian’s experience supporting high-growth and innovative technology companies globally will be invaluable as we continue to scale up our capabilities and operations.
“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.”
Peter Read, Cortex Partner at Vitruvian, said: “We are pleased to partner with Logically, who have a clear and compelling mission to reduce the harm caused by mis- and disinformation, and to enhance civic discourse.
“We’ve been impressed by Logically’s development over recent years, in the public and private sector as well as with the social media platforms themselves. We look forward to supporting Logically’s expansion into new geographies and sectors in order to increase the impact they can have on this global problem.”
