Six years ago, while David Benigson was sitting in his garage, he came up with a big vision on how the future would pan out and wanted a way of getting in on it.
Namely, a big trend would come into play — the explosion of an overwhelming amount of data that big companies couldn’t deal with. His solution? Signal AI. The company, founded in 2013, raised a $25 million Series C round from venture-capital investors to continue apply artificial intelligence to complicated big-data problems that corporations face.
Big data is unsurprisingly big business. Be it the hundreds of millions of emails created each day, or the digitization of documents, records, weather data, regulatory information, or social media, companies are responsible for more data than ever before.
That’s where Signal AI fits in. “We turn data into opportunities. We transcribe audio and video from TV, SEC filings, data from Companies House, Glassdoor, other regulatory filings which might be relevant and transform them into something structured and useful,” Benigson, the CEO and founder of Signal AI, told Business Insider in an interview.
For example, Signal AI works with a large consumer-goods company that wanted to better understand the risks in its ingredients supply chain. The startup built an index of more than 2,500 ingredients and ranked them against one another to assess their political, regulatory, and environmental risk. While obvious things like palm oil or plastic came out high on the list, the company was astounded to see large moves from ingredients lower down the risk table, helping them to better prepare for issues while using Signal AI’s data structuring.
“This has been an exciting year. It’s the culmination of years of effort and trying to build our big vision,” Benigson added. The company has gone from two or three people to more than 40, while revenues are up tenfold since its fundraise in June 2018, according to Benigson.
The startup secured funding for its latest expansion from Redline Capital, MMC Ventures, Hearst Ventures, and GMG Capital, taking its total funds raised to $51.6 million. You can see the company’s (redacted) Series C pitch deck below: