Logically announced raising £2.5 million from NPIF – Mercia Equity Finance and XTX Ventures

Logically, a London, UK-based SAAS developer for automated detection of fake news, announced the completion of a £2.5 million ($3.2M) funding round.

The money was provided by investors from the UK, namely from NPIF – Mercia Equity Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund, and XTX Ventures - the venture capital affiliate of XTX Markets, a leading global algorithmic trading firm.

Logically, originally from Yorkshire, founded in 2017 and led by CEO Lyric Jain, uses a team of dedicated fact-checkers alongside artificial intelligence (AI) and digital forensics to analyse media stories and conspiracy theories to help the public separate facts from falsehoods. Their AI and expert investigators track sources of disinformation, as they did recently when identifying false information purporting to link COVID 19 to 5G phone masts, and continue to work with businesses and governments to  detect, monitor and deploy countermeasures to the risks posed by misinformation. Logically have secured contracts in the USA with public sector and social media platforms in the country to report on the forthcoming elections.