Applied XL, Newlab Venture Studio Company, Which Uses Editorial Algorithms to track Newsworthy Changes in Real-time Data, Raises $1.5 Million
Computational journalists to develop high precision AI systems with experts in the loop to distill data used by professionals and investors in the life sciences sector.
Brooklyn, N.Y. (April 21, 2021) — Applied XL, a next-generation B2B information company tracking the health of people, places and the planet, today announced the closure of $1.5 million in seed funding through a round led by Tuesday Capital with participation by frog Ventures, Correlation Ventures, Team Europe, the investing arm of entrepreneur Lukasz Gadowski, co-founder of Delivery Hero, and Ringier executive Robin Lingg, a global media and marketplaces specialist.
Applied XL will use the seed funding to continue developing its AI-powered information system, which dynamically gathers data and applies machine learning and natural language processing to drive insights that help professionals make decisions on competitive positioning, product development and regulatory strategy.
Applied XL was launched in early 2020 by computational journalist and former Wall Street Journal R&D chief Francesco Marconi as CEO, Newlab Co-Founder Scott Cohen serving as chairman, and CTO Erin Riglin, who previously served as automation editor at WSJ. The company addresses the growing need for solutions that harness critical industry data, provide reliable context, and eliminate the complexity of navigating the public information ecosystem.
Applied XL autonomously extracts and contextualizes the information that matters most to specialized industries such as life sciences — its initial area of focus — transforming reports, guidelines, articles and other forms of text data into dynamic alerts delivering rapid insight into the events and trends that industry decision-makers need to know. The system monitors data using custom algorithms rooted in editorial principles, which are constantly calibrated and tuned by experts.
“Our mission is to democratize information in complex domains such as life sciences where intelligence is typically gated and not widely accessible through intuitive platforms,” said Francesco Marconi, Co-Founder and CEO at Applied XL, who had also co-led the development of the Associated Press’ AI efforts and wrote the recently published book, Newsmakers: Artificial Intelligence and the Future of Journalism.
“To accomplish this, we are building a highly reliable information system powered by editorial algorithms that combine the precision of data science with the high standards of journalism. With Applied XL, industry leaders will benefit from clear, trustworthy, and actionable real-time information to help achieve their organizational goals.”
Applied XL was formed through the Newlab Venture Studio, which builds new businesses that solve the world’s most complex challenges with proprietary technology to transform what matters most — the health of people, places and planet. It pairs founders with Newlab’s interdisciplinary team and global network to reduce risk and increase velocity toward product-market fit. Together with founders, Newlab investigates problems, prototypes and iterates ideas, and builds clarity to launch an impactful and scalable company.
“The Newlab Venture Studio program taps industry-leading experts — some of the most innovative thinkers on the planet — to found new companies from within Newlab,” said Shaun Stewart, CEO of Newlab.
“We work closely with our partners to hone a vision for new companies that not only promise to be successful businesses, but also aim to address major gaps faced across industries. By providing access to Newlab’s vast entrepreneur community, R&D infrastructure, and product realization support staff, Newlab provides our founders with everything they need to take a potentially transformative idea and turn it into a revolutionary reality. Applied XL, one of the two ventures launched in 2020 as part of the Newlab’s Venture Studio, is a testament to the efficacy of our model, the brilliant vision of its founder Francesco Marconi, and the power of collaborative innovation in addressing the world’s biggest challenges.”
“With industry leading real-time data pipelining, Applied XL is building the tools and platform for the next generation of data-based decision making that business leaders will rely on for decades. Data is the new oil and the team at Applied XL have figured out how to identify, extract and leverage one of the most valuable commodities in the world. Tuesday Capital is proud to lead this funding round and I’m excited to see what the future holds for Applied XL,” said Prashant Fonseka, Partner at Tuesday Capital.
Applied XL is developing its first product, tailored to the life science industry, to be launched at scale in summer 2021. The life science industry has specific information needs currently not being fully met by existing private and public data sources; for example, many existing data providers cannot provide the kind of real-time context life science organizations require to make decisions on clinical development, competitive positioning and commercialization.
Applied XL will address this need by mining data on clinical trials, pharmaceutical industry regulation, and healthcare policy, and automate the generation of alerts and reports. Applied XL will initially work with select partners, including professionals working in strategy functions at biotech and pharma companies. It will also open its data platform to life science experts including scientists and journalists, enabling them to access data and calibrate machine-driven insights. Following the launch of its life science product, Applied XL will tailor its technology to meet the evolving needs of a range of other industries.
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About Applied XL
AppliedXL is a next-generation B2B information company tracking the health of people, places, and planet to help accelerate the path to sustainable growth. Applied XL designs editorial algorithms that power real-time data products with real-world utility.
Newlab is a community of experts and innovators applying transformative technology to solve the world’s biggest challenges. Newlab membership and studios bring together entrepreneurs, engineers, inventors and industry leaders to create sustainable solutions and enterprises. Newlab employs technologies including robotics, AI and material science to transform what matters most — health, environment, media, cities, and infrastructure.
About Tuesday Capital
Founded in 2011, Tuesday Capital is an early-stage, sector-agnostic venture capital firm based in San Francisco and New York. Tuesday maintains a variety of relationships with other VC firms and works alongside them to help propel the companies of tomorrow. The firm has made hundreds of investments over the last eight years, backing many startups that have gone on to be Silicon Valley standouts and household names, including Airtable, Airbnb, Uber, Cruise, Digital Ocean, GitLab, Rover, Good Eggs, Instawork, Zipline and many others. Visit www.tuesday.vc to learn more
About frog Ventures
For more than five decades, frog has collaborated with passionate leaders and visionary entrepreneurs to launch new businesses, win on customer experience and bring bold ideas to life. We help our clients define and implement new business models and strategies to seize market opportunities, build the products and services that their customers love, and strengthen their capabilities and organizations. Applying a focused, interdisciplinary approach, frog helps large organizations, growth-oriented companies and innovative startups make their mark on the world. frog is part of the Capgemini Group.