Chinese social network invested in FiscalNote

Chinese social network Renren has invested $ 10 million in the American startup FiscalNote , which uses big data to predict legislative activity.
FiscalNote, founded in 2013, uses data mining software and an artificial intelligence system to predict the votes of lawmakers ensuring the success or failure of bills. JP Morgan Chase, VMWare and Uber are among the company's customers.

The Beijing company was founded in 2005 as a social network with an interface similar to Facebook. The company's profits have recently become very unstable, notes one of the leaders of the media platform, and therefore the company began selling some non-core business assets. In particular, in 2013 Renren sold its e-commerce division to the Baidu search engine.

This investment increased total funding to FiscalNote to $ 18.3 million. The startup was also funded by Visionnaire Ventures, co-founder of Yahoo Jerry Yang, and entrepreneur Mark Kyuban and Temasek Holdings, a Singapore-based state investment company.
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FiscalNote uses new sources of funding to expand, opening offices in Europe and Asia, said Tim Hwang, 22-year-old executive director and co-founder of FiscalNote.

The company currently has 35 employees, but promises to increase to 100 by the end of the year.