Logically, a technology company using advanced Artificial Intelligence to tackle misinformation, on Wednesday announced the completion of USD 24 million (about Rs 182 crore) funding round, led by Vitruvian Partners.
The funding round also saw investments from Amazon Alexa Fund, and existing seed investors XTX Ventures and Northern Powerhouse Investment Fund (NPIF), managed by Mercia Asset Management Plc, the company said in a statement. The funds raised will be used by the company to scale team and capabilities in India, as well as drive growth across other core markets including the US and the UK.
“Logically…announced the completion of a USD 24 million funding round led by growth investor Vitruvian Partners,” the company said in a statement. The investment enables Logically to accelerate its technologies across AI and Machine Learning, while positioning itself at the forefront of the fight against harmful and misleading online information and conspiracy-driven threats in critical areas such as election integrity, public health and national security, according to the statement.
“Our work, identifying and disarming damaging and misleading information, has never been more important. India and the wider APAC region is an important focus of growth for us, and I am excited for the impact this investment will enable us to achieve,” CEO and founder of Logically Lyric Jain said. In March last year, Logically had launched its flagship threat intelligence platform, Logically Intelligence, offering analytical capabilities and countermeasure deployment to tackle misinformation and disinformation.