Cyabra, a Tel Aviv-based startup that helps public and private organizations detect and fight mis- and disinformation campaigns by finding fake accounts on social media, on Tuesday announced that it plans to merge with special purpose acquisition company (SPAC) Trailblazer Merger Corporation I and list on the NASDAQ.
Founded in 2018, some of Cyabra’s investors include the likes of OurCrowd, which led the company’s $5.6 million Series A, as well as Peter Thiel’s Founders Fund, Harpoon Ventures, Alabaster, Accomplice, Red Shepherd Ventures, Summus Z, TAU Ventures and Capital Y Management.
The transaction values Cyabra at $70 million, and the company expects the merger to close by the end of the year.
SPACs, which were all the rage only a few years ago, have become quite rare. These days, when you hear about them, it’s mostly because companies that went public via a SPAC went out of business. The SEC recently adopted new rules that will soon turn the process into something that is more akin to a traditional IPO. Still, though, there are clearly some startups left that want to make this process work for them.
Cyabra says that over the last 12 months, it worked with 19 governments to help them protect their elections.
Some of its corporate clients include Warner Media, and Warner is a good example for how Cyabra is used. For the release of “Wonder Woman 1984” in 2020, Warner used Cyabra to identify fake profiles that talked about the movie on social media — and which represented a threat to its brand reputation. Armed with that knowledge, it could then report those profiles and get them removed. At the same time, this process also allowed the company to identify real influencers and focus its efforts on them.
Elon Musk also worked with Cyabra to analyze bot activity before his Twitter acquisition.
“Our proprietary technology developed by senior veterans from the Israeli special operations command (SOCOM), allows us to use sophisticated algorithms and advanced data analytics to determine when automated bots are being used to spread lies across social media platforms,” said Cyabra CEO and co-founder Dan Brahmy. “We have corporate customers and governments worldwide using our product today to identify when an attack is occurring, providing them with the information needed to mitigate or even prevent any damage and protect their citizens and brands from the increasingly sophisticated spread of disinformation.”
Earlier this year, former CIA director and U.S. Secretary of State Mike Pompeo joined the company’s board. “Cyabra is a crucial partner in the fight against disinformation,” Pompeo said in a statement. “Their capabilities in uncovering inauthentic accounts, false narratives, and manipulated AI content are vital for protecting democracy and safeguarding national security. Cyabra’s dedication to these goals makes them an essential ally in our efforts to defend against threats to our nation.”
