Temasek's unit, Winklevoss invest in US start-up which predicts outcome of legislation

A UNIT of Temasek Holdings has invested in a Washington-based start-up which uses artificial intelligence to predict the outcome of legislation.

FiscalNote has closed a US$7 million round of funding from a raft of big names, including Pavilion Capital, a subsidiary of Temasek with an independent investment mandate, and the Winklevoss twins, famous for their lawsuits against Facebook and its founder, Mark Zuckerberg.

FiscalNote, founded by a Potomac entrepreneur, uses data-mining software and artificial intelligence to predict the fate of Bills proposed by state legislatures and Congress each year. The company claims 94 per cent accuracy.

The young company has made a name for itself because of early investors such as Dallas Mavericks owner Mark Cuban and Yahoo co-founder Jerry Yang.

Founder Tim Hwang, 22, said the company plans to use its resources for international growth and product expansion.

"We will be bolstering our engineering team in addition to looking at expanding our sales and marketing operations, domestically and abroad," Mr Hwang said.

Mr Hwang, who volunteered on Barack Obama's 2008 presidential campaign, co-founded the company in 2013 with boyhood friends Jonathan Chen and Gerald Yao, said the paper. Mr Chen became chief technology officer and Mr Yao is chief strategy officer