Meltwater, backed by Vector Capital and Silicon Valley Bank, has acquired Norway-based Algo, a real-time data analytics platform. The San Francisco-based media intelligence platform will pay an undisclosed sum for the startup, launched with the initiative to eliminate the manual process of data collection.
Meltwater’s over 25,000 customers use its offerings to gain insight on where and how their businesses are mentioned in the media and on other publications. The San Francisco-based company, originally founded in Norway with a $15,000 grant from the Norwegian government, uses artificial intelligence and machine learning to track news and data.
With the acquisition of two-year-old Algo, Meltwater is doubling down on AI’s role in real-time search. The startup’s search and news app has reportedly been downloaded over 3 million times and processes one billion data points daily in real-time. Its platform ingests and analyzes data in over 80 million languages, predicting trends in several micro and macro topics relevant to its customers. The company has raised one round of funding earlier this year with a $60 million injection from Silicon Valley Bank and Vector Capital. Algo reportedly serves over 50% of all Fortune 500 companies, with customers including Harvard Business School and the Denver Broncos.
“We’re excited to marry Algo’s infrastructure with Meltwater’s current technology and become the global leader in media intelligence,” said Matt Michelsen, Algo’s co-founder. “The opportunity to help grow an international organization committed to helping its customers gain an unprecedented level of analysis is exciting.”
The deal, which closed earlier this year in June, includes Algo’s team, along with its existing products and patents.