US-based FiscalNote has acquired South Korean startup, MyCandidate for an undisclosed amount.
It racked up US$10 million in Series B financing led by Chinese social network Renren in February. In total, FiscalNote raised around US$18 million, from investors including San Francisco-based Visionnaire Ventures, Jerry Yang’s AME Cloud Ventures, Mark Cuban and Singapore’s Temasek Holdings.
South Korea is one of the most connected and high-tech countries in the world and this acquisition marks FiscalNote’s first foray into Asia.
Founded in 2013 by Tim Hwang, 22, FiscalNote uses data-mining software and artificial intelligence to forecast trends and policy outcomes, based on public government data. FiscalNote Prophecy, the startup’s first product, helps organisations search and analyse legislation through a cloud computing based platform.
Its current clients include Lyft, New Balance and UCB.
MyCandidate founder Rebekah Kang, a native of South Korea, is now part of the FiscalNote team as a Market Development Manager.
MyCandidate is a mobile application that aggregates information about political candidates in South Korea. Kang founded the app after attending campaigns with her father, who is involved in politics.
“I saw a huge gap in the election market between candidates and the public. I thought there should be a software that collects data from South Korea’s National Election Commission website to key points on what the candidate’s stances are,” she told e27.
Access to South Korean government data will not only be useful in elections. Kang foresees it being used for other companies planning on doing business in the Asian market.
“It’s about disrupting government data using social technology. This data is valuable to everyone. Essentially we’re just organising what’s out there and making it useful. Ultimately we will try to make it viable in Asia and see what other markets we can reach later,” ended Kang.