Psydex wins $3.5m funding for buzz tracking tool

US-- Psydex, which makes tools for searching and analysing news sources, has secured £3.5m in funding, which it plans to use to launch a news service called Psyng.

The company did not disclose the source of the funding but said it was a strategic investment from a “very large” trading exchange.

Its new tool, Psyng, which is available as a free beta for the next 30 days, scours newswires, internet feeds, blogs and other sources of online ‘chatter', looking for statistical patterns and trends.

Psydex says it aims to provide automated information that was previously only available through manual processing.

The company was set up by a team of computer scientists and semantics experts including CEO Rob Usey, who has worked as an advisor to IBM and the US government, and chief technology officer Don Simpson, also formerly of IBM.

Author: Robert Bain