The investment will give Battery Ventures a majority stake in the company.
UK-based risk intelligence platform Signal AI has raised $165m in a funding round led by US tech investor Battery Ventures.
The investment, which gives Battery a majority stake in the company, will allow Signal AI to grow its data collection, sector enterprise and AI research capabilities.
With new funding, the company plans to accelerate its risk intelligence product development, and expand its footprint across the US, and the Europe, Middle East and African regions. Signal last raised $50m in late 2021.
Founded in 2013 by CEO David Benigson, and chaired by Archie Norman (who also chairs Marks and Spencer’s board), Signal AI uses artificial intelligence to identify corporate risks within unstructured and proprietary data. It does so by sourcing and analysing billions of data points across news, regulation, social media and litigation, among others.
With the information, Signal AI’s clientele, which includes brands such as Diageo, NetApp, Volvo, Bloomberg and Uber, can benchmark their risk and reputation against competitors and mitigate any potential impact to stakeholder trust and enterprise value.
“Our AI platform started in a garage and evolved to power the world’s most complex enterprises,” said Benigson. “Partnering with Battery Ventures – a firm with a 40-year track record of innovation – will accelerate our global growth.”
“With technological, operational and financial challenges emerging faster, every executive I meet is asking the same question: ‘What’s next, and how can I get ahead of it?’ Together with Battery, we aim to equip leaders with the deepest, most intuitive way to answer that question.”
Collier Searle, a principal at Battery, is joining Signal AI’s board. She said, “Signal AI has carved out a differentiated and, we feel, highly defensible market position at the intersection of AI, risk and enterprise software.”
In addition, Battery private equity partner Dave Tabors, who is also joining Signal’s board, added, “Signal AI’s customer traction is extremely impressive and indicates, to us, that the company has hit upon a real pain point in terms of risk management for enterprises today – and that the company is delivering a much-needed, AI-powered solution.”
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