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Narrative Science, a startup that specializes in generating readable text from multiple data sources, plans to announce on Friday that it has closed a $10 million funding round, bringing its total funding to $32 million.
The Chicago-based startup’s Quill platform is able to analyze structured data (like spreadsheets and the information found in relational databases) and understand its importance, explained Narrative Science CEO Stuart Frankel. It then “generates a perfectly written narrative at unlimited scale,” he said.
While Narrative Science first got noticed a few years back due to its technology, which can create simple news stories based on financial earnings releases or sports reports, the company has since shifted its focus to enterprise clientele, said Frankel.
Narrative Science now courts organizations like financial-service providers who may have already invested in data-gathering services but have no idea what to do with all that information. Frankel claimed that Narrative Science can basically cut out a lot of busy work; a business can use the Quill platform instead of having someone on staff whose job is to sift through data, read from a dashboard, annotate the data and send off a report to the appropriate person.
“Rather than sticking a human in front the of the data, you actually have a machine [in place],” said Frankel.
A subsidiary of the The United Services Automobile Association drove the funding round with previous investors investors Sapphire Ventures, Jump Capital and Battery Ventures. Sapphire Ventures’s managing director Jai Das will join the startup’s board of directors.