Disinformation detector Cyabra will list on the NASDAQ in a SPAC [special purpose acquisition company] deal that will value the company at $70 million.
Cyabra is an OurCrowd portfolio company, having raised almost $5 million on the online investment platform. The funding rounds on OurCrowd enabled smaller investors to participate in the securities offering. The SPAC deal will create an exit opportunity for investors.
Cyabra’s service uses AI to shield companies and the public sector by uncovering “fake profiles, harmful narratives, and GenAI content.” In the last 12 months, Cyabra has partnered to protect 19 elections around the world. Clients include the US State Department, WM, and Golin (IPG-owned).
Late last month, Cyabra explained why they are going public:
“By going public, we will continue to enhance our AI technologies to stay ahead of malicious actors, expanding our client base across governments and corporations. Our mission is more important than ever, and we have a long way to go, but today we have taken a major step to restore trust in the online realm.”
The SPAC firm Trailblazer (NASDAQ:TBMC) was formed in 2021 and boasts the former US Secretary of State Mike Pompeo on its Board. Pompeo commented on the deal:
“Cyabra’s efforts are not only safeguarding our digital realm, but also strengthening the foundations of free and fair discourse. Cyabra’s contributions are invaluable in the fight against malicious actors who seek to undermine our democratic institutions.”
The deal is expected to close in early 2025. It was not immediately known as to what type of returns early investors may experience in the deal.
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