Fiscal Note

FiscalNote Holdings, Inc. is a software, data and media company headquartered at 1201 Pennsylvania Avenue in Washington, D.C. It compiles and summarizes laws, regulations and other government information and delivers them through software platforms, data services and news products. Its historical core product was the FiscalNote Government Relationship Management (GRM) service, and it applies an artificial intelligence platform to analyze proposed U.S. legislation using key phrases, comparisons to similar bills, strengths and weaknesses, committee timelines, sponsor information and past legislator voting records.

The company's current flagship offering is PolicyNote, a platform for tracking U.S. local, state, federal and global policy that combines bill summaries and forecasts, policy analysis, stakeholder intelligence and reporting. Related products include VoterVoice for grassroots advocacy and lawmaker engagement, CQ for congressional news and nonpartisan analysis, and EUIT for EU policy updates, along with a PolicyNote API, a PolicyNote MCP connector for AI assistants, professional services and advertising services. The company states coverage across 12,000+ governments, all 50 U.S. states, Congress and 100+ countries. Other brands within the group have included Equilibrium, FrontierView, Oxford Analytica and Predata, and in July 2022 the company launched FiscalNote ESG Solutions, a suite combining an AI-based data collection platform with ESG news, research and analysis briefings, advisory services and peer communities.

FiscalNote's services have been described as spanning roughly 30 platforms across seven domains: public policy and issues management, advocacy, constituent services, geopolitical and market intelligence, communities, data and intelligence, and ESG. Platform content is assembled by a research team drawing on hundreds of government websites, including the Congressional Budget Office and Congressional Research Service; in 2018 the company reported 46 researchers, contact information for 78,000 elected officials, and regulatory records from U.S. agencies going back 110 years.

Founding story

FiscalNote was founded in June 2013 in Sunnyvale, California by Timothy Hwang, Gerald Yao and Jonathan Chen, who had been schoolmates at Thomas S. Wootton High School in Rockville, Maryland. Hwang, who had just completed his junior year at Princeton, brought Chen and Yao to Silicon Valley to pitch investors; the company was started in a Motel 6, where early employees Dan Maglasang and Dev Shah built the initial product. Hwang has said the idea came from his time as an elected member of the Montgomery County (Maryland) Board of Education, where he found it difficult to obtain digestible summaries of laws and regulations at local, state and federal levels, and from earlier work writing a program that ranked how well top websites complied with their privacy policies.

Business model

FiscalNote sells subscription access to policy and regulatory intelligence software, datasets, news and analysis, supplemented by professional services, advertising services and API/MCP data access for enterprise integration. Growth has combined organic product development with an M&A-driven strategy of acquiring adjacent data, media and AI companies.

Subscription-based access to databases, analytics and media products, with reported prices ranging from roughly $10,000 to hundreds of thousands of dollars for a year of access. Data products such as those from acquired company Aicel are also sold on a subscription and data-as-a-service basis.

Traction

Reported 1,300 clients by 2018 and more than 5,000 customers worldwide as of 2022. Run-rate revenue reached $109 million at the end of 2021, 69% above the prior year, with company guidance of $173 million run-rate by the end of 2022, organic sales growth of 25-30% in 2022, and an expectation of turning adjusted-EBITDA-positive in 2023. Headcount is reported at 600+.

Latest developments

The company has consolidated its offering around the PolicyNote platform, expanding the PolicyNote API with district matching and announcing an expansion into political prediction markets. As of March 25, 2026 FiscalNote was delisted from the NYSE and trades on the OTCID exchange while exploring uplisting options, and in March 2026 the staff of acquired subsidiary Curate was laid off.