A District-based start-up that uses artificial intelligence to predict the outcome of legislation has received $7 million in funding, including investments from the Singapore sovereign wealth fund and from the Winklevoss twins, made famous from their lawsuits against Facebook.
FiscalNote, founded by a Potomac entrepreneur, uses data-mining software and artificial intelligence to predict the fate of the bills proposed by state legislatures and by Congress each year. The company claims 94 percent accuracy.
The young company has made a name for itself because of early investors such as Dallas Mavericks owner Mark Cuban and Yahoo co-founder Jerry Yang.
“We will be utilizing the resources for international growth and product expansion,” said founder Tim Hwang, 22. “We will be bolstering our engineering team in addition to looking at expanding our sales and marketing operations, domestically and abroad.”
The investing was led by several overseas funds including Visionnaire Ventures, a joint fund between Taizo Son and Temasek, the Singapore sovereign wealth fund.