When it comes to utilizing AI technology for business applications, few companies have pioneered a more groundbreaking innovation than, Dataminr. By using proprietary AI technology and machine learning, the NYC-based startup stays one step ahead of the competition when it comes to knowing about high impact events and breaking news from around the world. Today, Ignitia takes a closer look at what makes this hot new startup so special.
Founded in 2009 by a World Economic Forum Technology Pioneer and former speaker at the United Nations, Ted Bailey, Dataminr’s goal is to allow its clients to become aware of high impact events and breaking news long before any major news outlet has reported on it.
How it Works
In today’s world, social media is where news stories break first before any major news outlet has the chance to report them. What Dataminr realized was that social media has created a massive network of frontline eye-witnesses reporting the news in real time. So what Dataminr created was a highly sensitive AI technology that constantly scans all social media platforms looking for the instant breaking news begins to post. These breaking news stories are then converted into real-time notifications sent to their clients alerting them to potentially impactful news stories before anyone else has heard about them.
Such foreknowledge has far reaching implications. One of the largest areas of impact Dataminr has had is with corporate security. By becoming aware of threats to property and personnel early on, Dataminr’s allows its clients to mitigate risk and apply contingency plans as soon as possible. Along with security, Dataminr clients often use the knowledge gained early on to make profitable business decisions in response to occurrences before they are mainstream knowledge. Corporate PR firms have also been using the service to gain valuable forewarnings of situations that may need commented on as early as possible. Along with the business applications, first responders can also use the information to get a jump on disaster relief and preparations ahead of traditional means. Dataminr’s early warning system has not gone unnoticed by newsrooms either. According to Dataminr’s website, over 350 newsrooms currently use the technology to find breaking news as early as possible.
The Early Response
With a reported revenue growth of 2318% between 2013 – 2016, Dataminr was named 69th on Deloitte’s Top 500 Fastest Growing Companies of 2017. This distinction comes in addition to Dataminr’s 2016’s recognition by CNBC of Dataminr as one of the 50 Most Disruptive Companies in Tech. Since its founding, Dataminr has closed over $183 million from six rounds of funding, the largest round of which was a reported $130 million, Series D fund closed in March of 2015 led by Fidelity Investments. At the moment, Dataminr is headquartered in midtown Manhattan and employs roughly 250 people. Though no one knows what the future holds, the one thing that is certain is that when it arrives Dataminr will be the first to know.