Renren has led a $10 million investment in a Washington, D.C.-based startup that uses big data to forecast legislation, the latest move by the Chinese social network to fund innovative companies that could further the company’s growth.
FiscalNote, founded in 2013, uses data-mining software and artificial intelligence to predict legislators’ votes and the success or failure of bills. Among its clients, the company says, are JP Morgan Chase, software firm VMWare, and ride sharing company Uber, which has faced some notable regulatory hurdles of late.
“I see them as a disruptive company because the space they’re going after is huge,” Renren Chief Executive Joe Chen told The Wall Street Journal. “I think just from a pure business point they’re going to be tremendous going forward,” he said.