News automation company Narrative Science has raised $10 million in venture capital, signalling a further vote of confidence in the future of “robot” journalism.
The Chicago-based company creates news stories by using algorithms that translate reams of structured data into coherently written articles.
Currently, Narrative Science provides this service for Forbes magazine’s stock reports, and also has a deal with Big Ten Network to produce sports stories based on box score data.
The $10 million investment came from insurance and finance company USAA, as well venture capital firms Sapphire Ventures, Jump Capital and Battery Ventures. Last year the company received an investment of an undisclosed amount from In-Q-Tel, a venture capital group that invests in high-tech companies on behalf of the Central Intelligence Agency.
Narrative Science’s platform for producing automated articles is called Quill, and is similar to a platform Wordsmith, that has been developed by competing automation firm Automated Insights and is used by the Associated Press, Yahoo and others.
Narrative Science chief executive Stuart Frankel said that the company was excited to be working with USAA and his company would use Quill to provide USAA members with financial services.
“Our relationship with USAA will allow both companies to deliver highly-scalable solutions that will turn mountains of financial data into information that can be easily understood and acted on by millions of people,” he said.
Narrative Science will use this latest round of financing to make enhancements to Quill and increase its investment in engineering, sales and other areas within the company. The $10 million in funds brings total investment in the company to $32 million.
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