Psydex Raises $3.5 Million, Launches Psyng News Service

April 21, 2009

Analyst: Will Be ‘As Necessary to Financial Trading Operations as Reuters

and Dow Jones’

ATLANTA, April 21 /PRNewswire/ — Psydex, a provider of services that search and analyze the world’s news sources in real time, has received $3.5 million in funding.

Psydex is using the investment to launch Psyng(TM), a news service portal that scours newswires, Internet feeds, TV closed captions, blogs and other sources of “chatter”. Far more than a news aggregator or traditional search service such as Google(TM), Psyng cuts through the noise and chatter across news sources, revealing statistical patterns and trends in social networks, human behavior and financial markets.

For professionals such as traders, journalists and intelligence analysts, timely insight and analysis is critical. Delays in responding to critical news information can result in missed opportunities, lost profits or increased exposure to risk. Psyng delivers instant analysis and alerting on global news events–as they happen.

Rob Usey, Psydex CEO and co-founder, says “There is a media revolution underway and Psydex has the technology and services to change the way the world looks at news. Because our system indexes and analyses both mainstream media and emerging social media sources we are effectively measuring and tracking ‘thought contagion’ in real time.”

For example, when US Airways Flight 1549 landed in the Hudson River in January, Psydex’s algorithms detected–within seconds of the incident–unusual chatter levels well before the news was broadly disseminated.

“As this event unfolded, our data showed us–in a fraction of a second–not only the uptick in news on the incident, but also who was reporting it, and who reported it first,” Usey says. “For both investors and algorithmic trading systems, this was tradable, actionable data.”

Dr. Robin Bloor, a partner at research and consulting firm Hurwitz & Associates, recently wrote that Psydex delivers machine-readable information that was previously available only through manual processing. He also mentions Psydex’s capabilities “will become as necessary to financial trading operations as Reuters and Dow Jones feeds are.”

And Dr. Fern Halper, also a partner at Hurwitz & Associates, says there are many good cases for analyzing news-related text in real-time, including being “first to know if something negative is being said about your company.”

“The secret sauce is the company’s ability to organize streaming content in-memory and around time,” she wrote on her blog. “The goal is when an event hits, rather than taking hours or minutes to get information to the person who needs to know, it takes seconds.”

For the next 30 days, Psydex is offering Psyng as a beta version to customers and partners –for free. Independent journalist “Psyngers” can join the Psynger Network and contribute at a professional level.

Psydex, formed by a team of computer science and semantics experts, developed its patent-pending technologies after decades of R&D experience at leading computer companies and with large-scale government intelligence programs.

Psydex co-founder and Chief Technology Officer Don Simpson says Psydex is the next generation of real-time search and analytics.

“We’ve solved some of the really hard problems with analyzing semantics across both archived and real-time unstructured data streams. Our novel approach is based on proprietary, grid-based semantic algorithms and a temporal search and discovery engine,” Simpson says. “Psydex is the result of decades of experience working on some of the most challenging intelligence problems on the planet and learning where traditional approaches fail.”

The power of Psydex is available via customized data feeds, subscription-based Psyng services, and third-party licensing. For more information, visit www.psydex.com and www.psyng.com.

About Psydex

Psydex(R), founded by a team of computer scientists and semantics experts, provides services that search the world’s information sources–in real time–so you don’t have to.

Psydex brings order to chaotic TV and Web chatter and puts news in context, as it’s being reported. For investors, brand managers, publicists and other professionals who must respond immediately to news and events, Psydex facilitates better-informed decisions. Faster.

At Psydex, we know What the World is Thinking(R). So can you. For more information, visit www.psydex.com and www.psyng.com.


Source: newswire

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