Why we invested in Refute
We’ve invested in Refute to protect organisations by detecting and responding to disinformation at speed
How it started
We first came across Refute in April 2024, when Sheff was introduced to its founders Tom Garnett and Vlad Galu by Rockman Law, an angel investor — thanks, Rockman!
We were well aware of how AI is changing the generation and consumption of information. However, Tom had a novel insight into this market which challenged our thinking — he outlined why the enterprise market is ready for a new category leader.
And we managed to validate Tom’s & Vlad’s thesis. We took multiple independent references from target customers who repeatedly said the same thing: disinformation is on the rise, extremely costly, and current technology solutions aren’t fit for purpose.
As we watched Vlad rapidly build a product to solve this threat and receive excellent early user feedback, it became clear to us that this was a high-performing team working on a critically important problem and we’d love to lead their round alongside out friends at Episode 1.
The rise of disinformation
First, some definitions:
Disinformation — false information that is spread with the intent to mislead.
Misinformation — false information that is spread, regardless of intent.
The spreading of false information to further strategic goals is nothing new: Augustus, the first Emperor of Rome, launched smear campaigns against rival Mark Antony to gain favour with the people and aid his rise to power. He got his message to the public through short, snappy messages printed on coins and gained enough support to rule as Emperor for 40 years.
Today, influencing opinions through the spreading of disinformation is no longer confined to the world of politics. In 2019, false rumours on WhatsApp triggered a run on Metro Bank, resulting in a 24% loss of retail customers. A fake Pentagon memo in 2018 temporarily halted Broadcom’s acquisition of CA Technologies. Disinformation campaigns by the powerful EU farming lobby have derailed numerous sustainable agriculture reforms over the last few years.
We took a reference call with a VP at a well-known pharmaceutical company, which claimed that “combating disinformation” was a C-level priority — detailing the tens of millions of dollars lost due to strategic, targeted attacks from anti-vaccine campaign groups. They have been scoping the market for tech solutions and, so far, unable to find any.
And the problem is getting much worse. Advancements in AI have drastically reduced the cost of creating and distributing content at scale. Image content is now of such high quality that it is very hard to tell real from fake. We are at a true inflection point of technology influencing public opinion.
According to reports from The New York Times and Wired, ‘Disinformation as a Service’ can now be bought. This includes:
- Registering and maintaining disguised social media accounts for $785 per month.
- Creating original videos for $6,275 per month.
- Establishing fake influencer accounts for $2,600.
- Discrediting journalists for $55,000.
- Running a year-long political campaign to shift public opinion for $400,000.
Disinformation has become corporate strategy.
As a result, misinformation and disinformation ranked number 1 in The World Economic Forum’s Global Threats Report top 10 rankings in 2024. It didn’t even feature in the top 10 in 2023 — this highlights just how quickly the information landscape is changing and the impact of this on the global economy.
Although disinformation itself is not new, AI-generated and distributed disinformation is and the current solutions have not kept up with the pace of innovation. Post-disinformation attack services only mop up the fallout, and current technology solutions are mostly designed to monitor brand campaigns: the enterprise needs a proactive, AI-native layer of defence to protect itself from bad actors.
Refute’s solution
Refute uses machine learning to empower commercial organisations to detect disinformation and respond at the speed of the attackers. They’re protecting both corporate and executive interests against the emerging threat posed by content online.
The team is building a tool that automatically finds, analyses, and supports response teams in tackling incorrect information which is sowed and amplified by inauthentic behaviours. It will give corporate communications teams a clear plan in high-stress moments when speed is critical, and protect senior executives within these organisations.
The team have developed unique techniques to track narratives as they emerge across multiple data sources and map how these narratives move through the information space. They can understand the context, threat level and velocity of narratives, giving executives the peace of mind that they will no longer be surprised by content about their brand online.
The tool integrates data from different sources and languages, carrying out behavioural analytics to identify key influencers and threat behaviours. Their solution manages disinformation in minutes.
Playfair’s thesis
Global significance, executive buy-in
Disinformation is a major global threat. We spoke to C Suite leaders in who confirmed that it was a huge problem and hinted at $ costs of damage in the billions. Although it is early days for Refute, we have been extremely impressed with their engagement with some of the largest corporate buyers.
Ideal timing
Disinformation is a growing issue. In the first half of 2024, 95% of FTSE 100 companies were frequently mentioned by non-credible publications, 35% more than the year before. The rise of AI-driven disinformation and ‘Disinformation as a Service’ suggest corporations of all sizes will be threatened in years to come.
An unsolved problem
Current tools do not address disinformation at scale or speed. Social listening tools are not fit for purpose, and there are no standout automated counter-disinformation tools. There are also no companies in the market that take a technological approach to response.
A compelling sell
Refute offers a dual benefit. It not only addresses a clear business need by protecting corporate brands from disinformation but also safeguards the reputations of individual executives. As brand reputation becomes increasingly linked to the personal reputations of C-suite executives, Refute’s ability to protect both personal and professional reputations makes it an attractive proposition.
The right founders
Tom, with his extensive experience in national security, cyber security, and financial crime, and Vlad, a deep tech expert with vast startup and enterprise experience, are the ideal founders to tackle disinformation. We’re looking forward to working with both of them as they build Refute.
Tom Garnett (CEO)
Tom is an exceptional leader and engaging salesperson who has sold numerous multi-million-pound contracts. He studied Electronic Engineering at Cambridge University and has 18 years of experience in building world-leading data analysis solutions in national security, cyber security, and financial crime. Previously, he was Oman Country Manager at BAE Systems and a senior leader at Ripjar, overseeing the Government and Cyber Security sectors.
Vlad Galu (CTO)
Vlad has been immersed in development from a young age, writing code since he was seven. With deep technical expertise, he served as CTO for GlobalSign, and Bupa. He founded, built, and exited two startups, including one in cybersecurity, and has 23 years of experience creating mission-critical products used by billions of people globally. Vlad has led high-performing technology teams, growing them from single digits to hundreds.
What’s next?
The team is interested in meeting with corporates who are concerned about the threat of disinformation. They continue to find narratives before anyone else in the world and can trace their sources.
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You can reach out to the Refute team directly here.
If you’re a founder at the very earliest stages of building your company, I’d love to connect and hear the vision. You can find me on LinkedIn or pitch the wider team at Playfair here.
You can follow the Playfair team on LinkedIn, Twitter, Forbes, Vimeo and here on Medium.