Friday, November 28, 2014
Narrative Science Announces New Customer Agreement and $10 Million Investment Round led by USAA
USAA Chooses Artificial Intelligence Powered Quill Platform to Enhance Financial Advice to its Members
CHICAGO — Friday, Nov. 28, 2014 — Narrative Science, the leader in automated narrative generation for the enterprise, today announced that it has entered into a software licensing agreement with USAA and that a USAA subsidiary led the company’s most recent round of equity financing. The $10 million capital raise included participation from existing investors Sapphire Ventures (formerly SAP Ventures), Jump Capital and Battery Ventures. USAA, which provides insurance, banking, investments, and retirement products to more than 10 million current and former members of the U.S. Military and their families, uses the Narrative Science Quill™ platform to enhance the financial advice it provides to its members.
“USAA is a leader when it comes to providing its members with financial services and is always looking for ways to increase the effectiveness of the advice it provides,” said Stuart Frankel, CEO at Narrative Science. “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.”
This new financing round brings the total investment in Narrative Science to $32 million. Along with the investment, Jai Das, managing director, Sapphire Ventures, will join the Narrative Science board of directors. The company will use the investment to further enhance Quill and increase investment in engineering, sales and other functional areas within the company.
About Narrative Science
Narrative Science is the leader in automated narrative generation for the enterprise. Powered by artificial intelligence, its Quill platform integrates data from disparate sources, understands what is important to the end user and then automatically generates perfectly written narratives to convey meaning from the data for any intended consumer or business audience, at unlimited scale. Narrative Science does what data visualizations cannot: its patented technology adds value to data by identifying relevant data points and relaying them through professional, conversational language that people can immediately comprehend, trust and act on. Fortune 500 companies in diverse industries including financial services, government, manufacturing, retail and healthcare rely on machine-scale automation from Narrative Science to increase efficiency through the elimination of expensive manual narrative generation processes—freeing employees to focus on innovation and high-productivity activities—and to better serve their customers with useful written content in a consistent brand voice. Organizations such as American Century Investments, MasterCard Advisors, the U.S. intelligence community and National Health Services (NHS) of England employ Narrative Science to innovate data-driven products and services that provide customers with information that empowers them to make purchases, investments and other valuable decisions that improve their lives.
Orginally posted on Business Wire, November 28, 2014.