Editorials Community News Indian American Preethi Kasireddy’s startup TruStory raises $3 million in seed funding
Indian American Preethi Kasireddy’s startup TruStory raises $3 million in seed funding
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LOS ANGELES(TIP): Indian American Preethi Kasireddy who founded TruStory, an online fact-checking platform, has raised a $3 million in seed funding.
The funding will help TruStory, a Los
Angeles-based startup that was launched seven months ago, “build a
world-class engineering, design, and community development team to work
towards its mission”, Kasireddy said in a blog post.
The funding, led by True Ventures, had
participation from Pantera Capital, Kindred Ventures, Homebrew, Coinbase
Ventures, Wonder Ventures, Abstract Ventures, Ausum Ventures, and Dream
Machine (Alexia Tsotsis), among others, she wrote.
Several angels also invested in the
round, among them Fred Ehrsam, David King, Scott Belsky, Josh Elman,
Alok Vasudev and Jessica Verrilli. “It’s an honor to have each of these
partners on board,” Kasireddy wrote.
The platform allows users to find out and validate various claims people make online on blogs, website and social media posts.
“Unlike in today’s web where the onus
for fact-checking is on the reader, in TruStory, every ‘story’ or claim
goes through a unique validation process that leverages a distributed
network of participants with robust economic and social incentives to
surface the truth,” the founder wrote.
Kasireddy, who grew up in Monroe, New Jersey, has a B.S. in industrial and systems engineering from the University of Southern California. She quit a Silicon Valley job to found the blockchain startup.
Kasireddy added that in her experience as a developer in the blockchain space,
including at the digital currency exchange Coinbase, she has “been
haunted by the proliferation of low-quality information, rampant
inauthenticity, and sheer disinformation.”
“There are no longer universally trusted
central parties to keep tabs on what’s real,” she wrote, adding,
“That’s why I started TruStory. TruStory is a platform that uses the
collective knowledge of the crowd, combined with the right incentives
and disincentives, to validate and curate a better reality — starting
with the blockchain space.”