Fintech & Ecommerce

Blackbird.AI Raises $20 Million to Fight Market Manipulation

Blackbird.AI, a company specializing in the analysis of narratives and risks with the help of artificial intelligence, announced that it managed to raise investment funds in the amount of $20 million following the results of the Series B funding round.

Blackbird.AI Raises $20 Million to Fight Market Manipulation

The company intends to direct the received financing to the implementation of commercial solutions aimed at sales growth and marketing efforts. The firm will also spend part of these investments to expand its offer to a larger number of customers. Another use of the new funding will be to raise awareness of disinformation in key industries.

The press release, which was published by the company on the occasion of receiving new financing last Thursday, June 15, contains information that trading firms annually lose about $39 billion due to financial market losses resulting from the dissemination of false information. Worldwide, the annual losses associated with disinformation amount to $78 billion.

Wasim Khaled, CEO, and co-founder Blackbird.AI, suggests that against the background of the spread of false information and the promotion of manipulative narratives, the threat of distortion of the perception of cyber attacks in the mass consciousness of consumers arises and grows. According to him, this threat affects a wide range of industries and specialists, including strategic communicators, risk managers, and information security teams.

Khaled says that his company strives to help organizations understand what threats they face or may face due to perception manipulation, which is often not recorded in a timely manner and is not properly realized. He also noted that the firm directs its efforts to create an atmosphere of trust, security, and integrity. Separately, Khaled noted that preventing disinformation provides companies with significant strategic and competitive advantages.

Blackbird.AI has developed the Constellation platform, which identifies narratives whose content can provocate for negative consequences. The platform is able to capture such narratives in more than 25 languages. This toolkit detects manipulative information in texts, images, and memes on the darknet, social networks, and other sources.

The development of social networks, in addition to many advantages and positive aspects, has also created a platform for fraudulent activities on a large scale. Market manipulation schemes are gaining momentum. In December last year, the U.S. Securities and Exchange Commission (SEC) accused eight men of spreading manipulative information about stock stocks through Twitter and Discord. The regulator said that the defendants defrauded investors of $100 million. The SEC alleges that the scammers purchased shares and encouraged their subscribers to buy these shares by publishing target prices.

As we have reported earlier, AI Startup Mistral Raises $113 Million.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.