Social networking platform Renren has invested $10m in US-based big data technology developer FiscalNote, the Wall Street Journal reported yesterday.
Founded in 2013, FiscalNote produces software that uses big data and artificial intelligence to predict legislators’ votes and, in turn, the likelihood that individual bills will be passed successfully.
The company raised $7m in November 2014 from investors including Visionnaire Ventures, which is backed by Singapore’s sovereign wealth fund Temasek, as well as AME Cloud Ventures, Chevy Chase, New Enterprise Associates (NEA), Winklevoss Capital, Enspire Capital, Green Visor Capital and Middleland Capital.
FiscalNote previously received $1.2m in seed funding in 2013 from NEA, AME, First Round and entrepreneur Mark Cuban. It will use Renren’s investment to expand, increasing its workforce from 35 to 100 and possibly opening offices in London and Singapore.
Joe Chen, CEO of China-based Renren, told The Wall Street Journal: “I see them as a disruptive company because the space they’re going after is huge. I think just from a pure business point they are going to be tremendous going forward.”