Billionaire investor Mark Cuban, who recently softened his diehard free market views of capitalism to make room for social consciousness, is investing $1 million in a company whose software is warning Syrian citizens of impending air raids.
“Having a social conscience is good business,” Cuban said at Business Insider’s Ignition conference last year.
Hala, which has operated in war-torn parts of Syria including Damascus and Idlib, uses on-the-ground spotters and sensors to gather information which is analyzed by algorithms and Artificial Intelligence to create air raids alerts that are broadcast to citizens. The company estimates the warnings have cut fatality rates in areas where they are employed by as much a 27%.
- Cuban’s investment in Hala follows his $1.1 million investment last year in Paladin, which helps lawyers manage, and boost, their pro bono work. Cuban’s net worth is estimated at $4.2 billion, according to Bloomberg.
- Hala has taken investments from governments of the U.S., Canada, Germany, U.K., Netherlands and Denmark as well as private investors including Lions Gate Entertainment’s Frank Guistra and the Yagen Family Foundation. The 31-employee company was helped in its early stages by the Creative Destruction accelerator.
- Karma Takeaway: Social impact investing has grown to about $502 billion in assets as of the end of last year, according to the Global Impact Investing Network, as investors like Cuban embrace the idea of investing with a conscience.