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Fakespot has raised $1 million from SRI Capital, the investment firm set up by serial entrepreneur Sashi Reddi. The total seed round was pegged at $1.3 million.
The New York-based firm is into sniffing out fake reviews on platforms like Amazon, TripAdvisor, Yelp, and the Apple App Store.
“Fakespot has analysed over 2 billion reviews to date, “ a SRI Capital statement said on Wednesday.
This is SRI Capital’s fifth investment through the recently launched $100-million venture fund.
“We plan to use the proceeds to improve our products and launch new fake review detection services, “ Saoud Khalifah, Fakespot’s founder and CEO, said.
“Our aim is to make all online information trustworthy using technologies such as artificial intelligence and advanced data analytics,” he said.
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