Factmata, an anti-fake news startup, has closed a $1m Seed round from investors including Twitter’s Biz Stone and Craiglist’s Craig Newmark.

The startup is also backed by Mark Cuban, Ross Mason, Mark Pincus and Sunil Paul.

“It’s inspiring that some of the leading internet pioneers have decided to back Factmata’s vision and technology,” said Factmata’s founder, Dhruv Ghulati.

“This round allows us to focus on building out the ambitious architecture that will solve some major upcoming problems on the internet – reducing online misinformation, screening questionable content and providing more context on what is already out there,” he added.

Factmata’s technology leverages machine learning for advertisers, in an attempt to avoid the inadvertent placement of low quality, fake, or hateful content on the web.

“People increasingly depend on the web as their primary source of news, and the speed at which news gets shared is essentially real time,” Stone commented.

“It’s critical for societal progress to proactively address misinformation. Dhruv and Factmata are approaching the issue with exactly the right combination of big-thinking, focus, and cutting-edge science,” added the entrepreneur.

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