GMG Ventures, the corporate venture capital branch of media company Guardian Media Group, has led a $16m series B round for UK-based data platform Signal Media.
The round was led by venture capital firm MMC Ventures and included Hearst Ventures and REV, respective subsidiaries of media group Hearst and data and analytics provider RELX, as well as Frontline Ventures and LocalGlobe, while Kreos Capital provided a debt facility.
Signal uses machine learning to extract data from more than 2.8 million online, media and regulatory sources across 200 markets, translating it in real time from more than 100 languages, in order to help clients track news and extract relevant information.
The company intends to expand into risk management for tax and compliance, as well as business development in financial and legal services.
Frontline led Signal’s $3.2m seed round in 2015, investing alongside REV (then known as Reed Elsevier Ventures), Samos Investments and assorted angel investors.
Signal secured another $7.4m from REV, Hearst Ventures, Frontline, MMC Ventures and LocalGlobe in a series A round the following year.
Alan Hudson, founder and managing partner of GMG Ventures, said: “Signal’s sophisticated AI engine is changing how people consume news and information and is redefining how businesses and organisations leverage insight as part of their long-term strategy.”