New York-based startup Dataminr has secured $30 million in private funding from venture capital firms to continue its work mining Twitter for tradable news.
The fundraising round is Dataminr’s third since its founding in 2009 by former Yale University classmates Ted Bailey, Jeff Kinsey and Sam Hendel.
Servicing financial firms and clients in the government sector, Dataminr has developed a suite of products that transform social media streams into actionable signals, basically weeding out the credible tweets from the questionable.
They’ve got real-time access to the full Twitter Firehose of Public Tweets, being named a Certified Product (read our post on all 33 Certified Products).
Users access Dataminr’s service via a widget; it also integrates with email and instant messaging.
It’s easy to see many other implications of Dataminr’s technology besides its utility for the financial industry and government. The recent rise in parody Twitter accounts, celebrity Twitter death hoaxes, high-profile Twitter account hacks, and unfounded news rumors claiming everything from an attack on the White House to a false accusation in the Boston Marathon bombing, makes the ability to effectively discern which tweets are legitimate a very attractive prospect.
Co-founder Bailey told the Wall Street Journal that the funding will be put toward expanding Dataminr’s sales force and meeting existing demand, as well as the development of new products that appeal to potential new sets of clients.
We’ll have our eye on it.
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