FiscalNote
Corporate brand
UnclaimedA government-relations, regulatory intelligence, data, software, and policy-media company.
Last updated November 4, 2026
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Overview
FiscalNote is a United States-based software, data, and media company focused on helping organizations understand and respond to government activity, legislation, regulation, political risk, and public-policy developments. Its principal offering is FiscalNote Government Relationship Management, commonly described as a government-relations management platform. The platform combines structured legislative and regulatory data with monitoring, workflow, analytics, alerts, and artificial-intelligence capabilities. It is intended for companies, public-affairs teams, trade associations, law firms, financial institutions, nonprofit organizations, and government-facing professionals that need to track policy developments and assess their potential effects. The company was founded in 2013 by Timothy Hwang, Gerald Yao, and Jonathan Chen. The founders had attended the same high school in Maryland, and Hwang brought the group together after completing his junior year at Princeton. The early company was established in Silicon Valley and developed its first product with a small founding team. Early financing included an investment from Mark Cuban following a direct approach by Hwang, followed by backing from New Enterprise Associates, Jerry Yang, and First Round Capital. FiscalNote subsequently raised institutional capital from a range of technology and strategic investors, including Steve Case, Visionnaire Ventures, Renren, Green Visor Capital, and MoneyToday Media. FiscalNote initially concentrated on U.S. legislative intelligence. Its artificial-intelligence systems were designed to organize and analyze proposed legislation using signals such as key phrases, similarities to other bills, legislative progress, committee histories, sponsors, and historical voting records. The company expanded internationally in 2017, adding datasets for Australia, New Zealand, Argentina, Canada, Chile, India, and the United Kingdom. It also developed a presence in Asia and Europe, including regional operations in Seoul and Brussels, and maintained offices in locations such as New York, Baton Rouge, and Gurgaon. Acquisitions became a central part of FiscalNote's expansion strategy. In 2017 it purchased VoterVoice, extending the company into digital advocacy and constituent-engagement technology. In 2018 it acquired Shungham, a Brussels-based policy-data business, and CQ Roll Call from The Economist Group. The CQ Roll Call transaction added established publications and subscription products, including CQ and Roll Call, and expanded FiscalNote from a policy-data provider into a company with a significant media and legislative-journalism component. Later acquisitions broadened its capabilities in political-risk analysis, civic technology, artificial intelligence, alternative data, and geopolitical security intelligence. These included FactSquared, Oxford Analytica, Forge.AI, Curate, Aicel Technology, and Dragonfly. FiscalNote also uses its data in public-facing products and research. During the 2017 South Korean presidential election, it launched a voter-matching application that used artificial intelligence to compare users with candidates and reportedly attracted more than five million users in several weeks. The company has published rankings and analyses of lawmakers and legislative effectiveness. Its researchers also examined irregularities in public comments submitted during the U.S. Federal Communications Commission's net-neutrality proceeding, although reporting later connected a FiscalNote subsidiary to the generation of some of the comments involved, creating controversy around the episode. In July 2022, FiscalNote introduced FiscalNote ESG Solutions, a suite intended to help organizations collect, manage, and analyze environmental, social, and governance information. The offering combined an AI-enabled data-management platform with ESG news, research, analysis, advisory services, and peer communities. FiscalNote's broader positioning is that of a policy-intelligence and decision-support provider: it seeks to turn fragmented government and geopolitical information into searchable data, alerts, analysis, and operational workflows. Critics have argued that the cost of its services can make sophisticated policy intelligence more accessible to wealthy organizations and large lobbying operations than to citizens or smaller groups. Academic and policy observers have also questioned whether quantitative indicators can overemphasize legislative movement or statistical correlation at the expense of the substantive reasons policies succeed or fail.
History
FiscalNote began in 2013 as a policy-technology startup founded by Timothy Hwang, Gerald Yao, and Jonathan Chen. The three founders had been schoolmates at Thomas S. Wootton High School in Rockville, Maryland. Hwang, then a Princeton student, brought Chen and Yao to Silicon Valley to seek investment and develop a commercial system for organizing government information. The earliest product work was carried out by a very small team, including Dan Maglasang and Dev Shah, during the company's formative period. The company initially focused on U.S. legislative intelligence. Its software was designed to help users follow bills and assess their significance by combining legislative text with information about sponsors, committee progress, related bills, and legislator voting histories. This approach reflected FiscalNote's broader effort to apply machine learning and natural-language processing to government data that is voluminous, fragmented, and difficult to monitor manually. Early financing came from Mark Cuban and was followed by investments from New Enterprise Associates, Jerry Yang, and First Round Capital. FiscalNote raised additional institutional rounds in 2014, 2015, and 2016, attracting investors including Steve Case, Visionnaire Ventures, Green Visor Capital, Renren, Winklevoss Capital Management, Enspire Capital, Middleland Capital, and MoneyToday Media. FiscalNote expanded beyond its original U.S. market during 2017. It introduced legislative datasets for Australia and New Zealand in May, followed by coverage for Argentina, Canada, Chile, India, and the United Kingdom in July. That year the company also became more closely associated with Washington, D.C. The District announced a job-training partnership with FiscalNote and a $750,000 economic-development package intended in part to encourage the company to remain in the city. FiscalNote moved its headquarters to 1201 Pennsylvania Avenue. Acquisitions then became a primary mechanism for broadening the business. In August 2017, FiscalNote purchased VoterVoice, a Baton Rouge civic-technology company whose platform supported advocacy and constituent communications. The deal added a substantial customer base and gave FiscalNote a stronger position in the advocacy market. In January 2018, the company announced its acquisition of Shungham, a Brussels-based counterpart that helped establish a foothold in European Union policy intelligence. FiscalNote's most consequential early acquisition was CQ Roll Call, announced in July 2018 and completed in August. The acquired assets included Congressional Quarterly and Roll Call, publications covering the U.S. Congress, legislative processes, policy, and elections. The transaction changed the character of the company by adding subscription media, editorial analysis, and an established congressional-information franchise to its software and data operations. The Economist Group received cash, loan notes, and a minority equity interest in FiscalNote as part of the transaction; it later disposed of that interest after FiscalNote raised additional capital. The company continued assembling a portfolio across political information and artificial intelligence. In 2021 it acquired FactSquared, the parent company of White House tracker Factba.se; Oxford Analytica, a UK political-risk consultancy and publisher of the Oxford Analytica Daily Brief; and Forge.AI, an artificial-intelligence company. FiscalNote also acquired Curate, a civic-technology platform focused on local-government risk and information. In 2022 it acquired Aicel Technology, a South Korean alternative-data company associated with emerging fintech markets. In January 2023 it acquired Dragonfly Eye, a UK provider of geopolitical and security intelligence delivered through a software-as-a-service subscription platform and API. FiscalNote has used its technology for both commercial and public-facing applications. During South Korea's 2017 presidential election, the company launched a mobile voter-matching application that used AI to compare users with candidates and reportedly reached more than five million users in several weeks. FiscalNote researchers also identified irregular patterns among millions of comments submitted to the U.S. FCC during the net-neutrality debate, concluding that many comments had been produced by bots. The episode became controversial after reports connected a FiscalNote subsidiary with the generation of a significant number of the comments, raising questions about the company's role in the information environment it was analyzing. In July 2022, FiscalNote introduced FiscalNote ESG Solutions. The suite extended the company's data-management model into environmental, social, and corporate-governance reporting and target management. It included AI-supported collection and organization of ESG information, related news and research, expert advisory services, and peer discussion communities. FiscalNote has been recognized for its technology and policy applications, including inclusion among CNN's 10 notable companies in 2014 and a Technology Pioneer distinction at the World Economic Forum in 2016. At the same time, critics have questioned the price of its services, arguing that the model may favor well-funded corporations and lobbying organizations. Other criticism concerns the interpretation of legislative data: observers have argued that indicators based on correlations or bill movement can obscure the substantive political and policy factors behind legislative outcomes. As of March 25, 2026, the company was reported as delisted from the NYSE and traded on OTCID while considering uplisting alternatives.
- 2026
Reported NYSE delisting
[1]FiscalNote is reported as moving from NYSE trading to OTCID while exploring possible uplisting options.
- 2023
Dragonfly acquisition
[1]FiscalNote adds Dragonfly's geopolitical and security-intelligence subscription and API services.
- 2022
FiscalNote ESG Solutions launches
[1]The company introduces a suite for ESG data management, research, advisory support, and peer collaboration.
- 2021
Expansion into political risk and AI
[1]FiscalNote acquires FactSquared, Oxford Analytica, and Forge.AI.
- 2018
CQ Roll Call acquisition
[1]The acquisition brings CQ, Roll Call, and related congressional-information products into FiscalNote.
- 2017
International data expansion
[1]FiscalNote adds legislative datasets covering Australia, New Zealand, Argentina, Canada, Chile, India, and the United Kingdom.
- 2017
Headquarters move to Washington, D.C.
[1]FiscalNote relocates its headquarters to 1201 Pennsylvania Avenue after a District of Columbia economic-development partnership.
- 2017
South Korean election voter-matching application
[1]FiscalNote launches an AI-based candidate-matching application during South Korea's special presidential election.
- 2016
World Economic Forum Technology Pioneer recognition
[1]The company receives Technology Pioneer recognition and a related distinction at the World Economic Forum.
- 2014
Named among CNN's notable companies
[1]FiscalNote is included in CNN's 10-company recognition for 2014.
Products and positioning
FiscalNote positions itself as a technology-enabled provider of government, regulatory, geopolitical, and ESG intelligence. Its value proposition is the integration of proprietary and public data, artificial intelligence, expert analysis, workflow tools, and policy-focused media for organizations managing exposure to government decisions.
Government-relations and legislative intelligence software · 2013
FiscalNote Government Relationship Management
FiscalNote's core GRM offering helps organizations monitor proposed legislation, regulations, committees, sponsors, voting records, and policy developments. It uses searchable data, alerts, workflows, and analytical tools to support government-affairs planning, compliance monitoring, lobbying strategy, and internal communication about policy risk.
Advocacy and constituent-engagement technology
VoterVoice
VoterVoice is a civic-technology and advocacy platform acquired by FiscalNote in 2017. It supports organizations that communicate with constituents, coordinate advocacy campaigns, and engage policymakers. Its addition broadened FiscalNote from legislative monitoring into action-oriented public-affairs and grassroots engagement.
Legislative journalism and policy information · 2018
CQ Roll Call
CQ Roll Call comprises congressional publications and information products, including CQ and Roll Call. The business provides reporting and analysis on Congress, legislative processes, public policy, and elections, giving FiscalNote an editorial and subscription-media component alongside its software and data services.
ESG intelligence and data management · 2022
FiscalNote ESG Solutions
Introduced in 2022, ESG Solutions is designed to help organizations collect, organize, manage, and interpret environmental, social, and governance information. The suite combines AI-supported data tools with ESG news, research, analytical briefings, expert advisory services, and access to peer discussion communities.
Political-risk intelligence
Oxford Analytica Daily Brief
The Oxford Analytica Daily Brief is a political-risk and geopolitical analysis product brought into FiscalNote through its 2021 acquisition of Oxford Analytica. It combines expert interpretation with reporting intended to help subscribers assess international political developments and their implications.
Security and geopolitical intelligence · 2023
Dragonfly SIAS
Dragonfly's Security Intelligence and Analysis Service is a subscription and API-based platform providing actionable geopolitical and security information. FiscalNote acquired Dragonfly in 2023, extending its portfolio into operational risk and security intelligence.
Controversies
2017
FCC net-neutrality comments controversy
FiscalNote researchers reported that millions of comments submitted to the FCC during the net-neutrality debate showed signs of bot generation. The matter became controversial after reports said that many of the comments had been generated by a FiscalNote subsidiary, creating questions about the company's relationship to the activity it analyzed.
Criticism of pricing and analytical methodology
Critics have argued that FiscalNote's relatively high prices can make policy intelligence more available to wealthy organizations and larger lobbying operations than to citizens or smaller groups. Other observers have questioned whether its analytical models place excessive weight on correlations and whether a focus on bill movement adequately explains the substantive forces behind policy outcomes.
Marketing campaigns
- 2017South Korean presidential voter-matching application
South Korea
FiscalNote launched a mobile application that used artificial intelligence to match voters with presidential candidates based on stated preferences and political positions during South Korea's special presidential election.
Outcome. The application reportedly attracted more than five million users in several weeks and correctly predicted Moon Jae-in's victory.
Brand decisions
2022
Launch FiscalNote ESG SolutionsProduct launchBackground
Organizations faced growing demands to collect, report, and manage environmental, social, and governance information.
Action taken
FiscalNote introduced a suite combining AI-supported ESG data management with research, news, advisory services, and peer communities.
Aftermath
The launch extended FiscalNote's policy-data and compliance positioning into ESG intelligence and reporting workflows.
2018
Acquire CQ Roll Call from The Economist GroupM&ABackground
FiscalNote sought to combine legislative data and software with established congressional reporting, publications, and subscription information.
Action taken
FiscalNote acquired CQ Roll Call and related Capitol Advantage assets from The Economist Group.
Aftermath
The transaction expanded FiscalNote into legislative media and provided a recurring subscriber base and editorial capability.
Transaction consideration reported by The Economist Group. (2018)
Recent events
Reported
FiscalNote announces preliminary 2021 financial results[2]
FiscalNote announced preliminary financial results for the fourth quarter and full year ended December 31, 2021, reporting that the results beat prior estimates. It also reaffirmed its previously issued 2022 run-rate revenue guidance.
Reported
FiscalNote completes acquisition of FrontierView[3]
FiscalNote reported that its acquisition of FrontierView was completed. The release describes FrontierView as complementing and expanding FiscalNote's capabilities.
Reported
FiscalNote announces acquisition of Equilibrium[4]
FiscalNote announced that it would acquire Singapore-based Equilibrium, which develops ESG management automation software.
Reported
FiscalNote acquires Oxford Analytica[5]
FiscalNote announced that it had acquired Oxford Analytica, an Oxford-based geopolitical intelligence and advisory firm.
Reported
FiscalNote announces DataHunt[6]
FiscalNote announced a new product called FiscalNoteDataHunt for entering the AI data and annotation market. The product provides AI-, machine-learning- and crowd-sourced data annotation services.
Reported
FiscalNote and Bisnis Indonesia announce joint venture[7]
FiscalNote and Bisnis Indonesia announced an MOU to create a Jakarta-based joint venture. FiscalNote will take a 49% stake; the venture plans to distribute Bisnis Indonesia content through FiscalNote and develop financial information products.
Sources8 sources
- 1FiscalNoteen.wikipedia.org
- 2FiscalNote公布2021年初步财务业绩prnewswire.com
- 3FiscalNote 完成对 FrontierView 的收购prnewswire.com
- 4FiscalNote宣布收购Equilibriumprnasia.com
- 5FiscalNote收购Oxford Analyticafinanznachrichten.de
- 6FiscalNote 宣布推出 DataHuntprnewswire.com
- 7FiscalNote与Bisnis Indonesia宣布成立合资企业prnewswire.com
- 8FiscalNote launches Wall Street product, FiscalNote Marketsfinance.yahoo.com
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