Singapore wealth fund Temasek Holdings and Winklevoss twins, famous for their lawsuits against Facebook, have joined other investors to pump in $7 million in Series A funding into the US-based startup FiscalNote, that uses artificial intelligence to predict the outcome of legislation.
The investment was led by Visionnaire Ventures, a joint fund between Taizo Son and Temasek, the Singaporean sovereign wealth fund.
The company said it would use the funding to continue its content expansion and its engineering capacity to cover information both domestically and around the world; while continuing to expand its sales and marketing teams. By applying artificial intelligence to real-time and historic legislative data, FiscalNote said it has built a platform with robust search and advanced notification functionality, along with the ability to forecast legislative outcomes with 94% accuracy.
Other institutional investors involved in the funding round are, Jerry Yang’s AME Cloud Ventures, NEA, Winklevoss Capital, Enspire Capital, Green Visor Capital, and Middleland Capital. Among the round’s angel investors is Duke Chung (co-founder and CMO of Parature).
Last year, the company raised a $1.3 million round of funding led by Dallas Mavericks owner Mark Cuban, Yahoo! co-founder Jerry Yang, NEA, and First Round’s Dorm Room Fund.
According to the company’s website, it was founded by Tim Hwang, Jonathan Chen, and Gerald Yao, who are high school friends (from Thomas Wootton High School). The trio moved out to Silicon Valley and on June 2013 incorporated FiscalNote. After raising their first round of investment, the FiscalNote moved office to Bethesda, Maryland, the firm’s website adds.