The Brooklyn-based company is taking advantage of both artificial intelligence and natural language processing to analyze the 24-hour cycle of global news. Its proprietary technology, which is currently in an alpha phase, will yield a vast collection of data that can be used to identify misinformation in the news before it spreads online.
“We’re building an enterprise service for global media companies, social media networks and other third parties fighting the spread of misinformation online,” said Jeff Koyen, Codebase’s chief strategy officer. “This is a highly scalable, disruptive technology that will serve the public interest by stopping the spread of fake news.”
The idea is that Pressland’s commercial licenses will serve both international tech companies and local news outlets engaged in the fight against fake news.
Revenue for Pressland, which is set to make its debut this year, is expected to come from data licensing, paid tools for media professionals, subscription fees and trade intelligence services.
“We're thrilled to have recognized Pressland's globally disruptive potential at the earliest stage,” said George Tsafalas, Codebase's CEO in a statement. “Our investment in time and capital are proving to be well-spent, and we expect Pressland to far exceed our expectations when it comes to market this year.”
Pressland is led by Codebase’s Jeff Koyen, a seasoned media executive, entrepreneur and technologist who has worked at Forbes, Dow Jones, Digiday and Travel & Leisure. His team at the start-up includes engineers, journalists and advisors who have worked for Google, BBC News, CNN, Bloomberg, Viacom and The Washington Post.
Nicholas Zaillian, Pressland’s chief technology officer, is also assembling a team of leading artificial intelligence and natural language processing experts based in New York, Israel and Mountain View, California.
Pressland estimates that engineering and development costs for the platform over the next two years will cost up to US$1 million.
Vancouver-based Codebase Ventures aims to take stakes in fledgling tech companies that deliver big returns. Earlier this year, the company changed its name from 360 Blockchain Inc to signal its move to widen its investments beyond blockchain-focused companies.
Codebase shares added 12.5% to trade at C$0.044 in Canadian trade Wednesday.
Contact Ellen Kelleher at [email protected]
-- This story is updated to reflect latest share price movement --