Narrative Science said Tuesday that it has raised $11.5 million in Series C funding. New investors Jump Capital and SAP Ventures joined existing investors Battery Ventures and Northwestern University in the round. Based in Chicago, Narrative Science, which is also backed by In-Q-Tel, is a company that turns data into narratives.
CHICAGO (Sept. 10, 2013) – Narrative Science Inc., the leading automated natural language generation company that uses data analytics combined with artificial intelligence to transform data into narratives and insights, today announced it has secured $11.5 million in equity funding from new investors Jump Capital and SAP Ventures along with participation from existing investors Battery Ventures and Northwestern University.
The company previously announced a strategic investment from In-Q-Tel, the independent, strategic investment firm that identifies innovative technology solutions to support the missions of the U.S. Intelligence Community.
Chicago-based Narrative Science will use the new funding to increase its investment in Quill, the company’s patented automated authoring platform, and continue to build out its sales and marketing organization.
The company also continues to build on its momentum in the financial services industry. Narrative Science has recently added some of the world’s leading financial institutions to its customer base, participated in the prestigious FinTech Innovation Lab run by the Partnership Fund for New York City and Accenture, and is scheduled to demonstrate Quill during a presentation Wednesday, September 11th, 2013 at FinovateFall 2013 at the Manhattan Center in New York.
“SAP Ventures focuses on companies that are next generation pioneers in Big Data. Narrative Science’s technology platform is truly innovative and represents a logical marriage between data analytics and natural language generation, said Jai Das, Managing Director of SAP Ventures. “We help companies accelerate to maturity and look forward to partnering with Narrative Science as they continue to scale and grow their business in a smart way.”
“We are impressed with Narrative Science’s approach to addressing the problem of data overload and are pleased that the company’s solutions have already gained traction in both government and commercial markets,” said Sach Chitnis, Managing Director of Jump Capital. “We are excited to partner with the company and it’s seasoned leadership team as they continue to build their product offering and help their customers make better use of data.”
“We are thrilled to welcome Jump Capital and SAP Ventures as new investors in Narrative Science and are grateful for the continued support of Battery Ventures and Northwestern University,” said Stuart Frankel, CEO of Narrative Science. “The high caliber of our investors is further proof that our market-leading technology and narrative reporting solutions are in high demand.”
Realizing that people want more than data-as-data, Narrative Science built Quill, a technology platform that combines artificial intelligence, data analytics and editorial expertise to automatically transform large, complex data sets into easy to read and easy to understand narrative reports and other documents. Quill provides companies with an easy and cost-effective way to utilize data to provide high-touch client service, create individualized and relevant communications and generate actionable reporting on an ongoing and on-demand basis at a scale that is simply unobtainable with just human resources.
In addition to working with companies in the financial services industry, Narrative Science continues to work with some of the world’s leading ad technology and advertising solutions companies. ”The currency of digital marketing is not just data, it’s the insights data provides, and that’s where Narrative Science delivers the clarity and value we’re looking for,” said Doug Kofoid, EVP, Product Development of VivaKi, part of the Publicis Groupe and a global leader in advertising solutions. “Digital advertising is managed in real time, so time is critical. Quill helps us quickly find and act on campaign insights that take our clients’ investments to the next level.”
About Narrative Science
Narrative Science transforms data into relatable and actionable stories. The company partners with clients to uncover the insight hidden in their data and create new content on an unprecedented scale. Narrative Science’s artificial intelligence platform, Quill™, automatically analyzes data and produces narratives that are contextually relevant, actionable and tailored to any audience. Content can be produced in many formats, including business reports, articles, summaries, visualizations and Tweets, allowing companies to improve decision-making, create new products and optimize customer interactions. Narrative Science’s solutions span multiple industries, including financial services, insurance, information services, sports, marketing services and retail.
Narrative Science’s investors include SAP Ventures, Battery Ventures, Jump Capital, In-Q-Tel and Northwestern University. For more information, please visit narrativescience.com.