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A New Customer, A New Partnership: USAA Uses Quill, Leads Latest Round of Equity Financing

We announced some exciting news over the holiday weekend. Just in case you missed the buzz, here’s a quick snapshot.

The announcement:

Excerpt originally seen in BusinessWire, November 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.

The USAA Partnership:

Excerpt originally seen in ChicagoInno, November 28, 2014

With the USAA, Narrative Science will use Quill to create a library of financial advice that it can provide its 10 million plus 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,” he added. “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.”

Investing in Growth:

Excerpt originally seen in Crain’s Chicago Business, November 28, 2014

“This gives up the capital to operate for the foreseeable future,” said CEO Stuart Frankel.

The four-year-old company has raised $32 million so far. It will use the additional money to invest hire staff in technology and sales and marketing.

“We’re a technology company, and we have to continue to invest and build,” he said.

The company has grown to about 60 employees from 45 at the beginning of the year. It plans to add another 20-25 people in 2015, Frankel said. About half the employees are technical staff, either engineers or software developers. It recently hired a new chief technology officer, Adam Kanouse, who previously worked for Accenture and analytics-software provider Optier.

For more information, here are a few other articles circulating the good news:

ZDNet: Narrative Science Lands $10 Million in Funding, USAA as customer

GigaOm: No More Robot Reporters, Narrative Science is Now Focused on Data

re/code: Narrative Science Raises $10 Million More for its Automated Writing Software

VentureBeat: Narrative Science Pulls in $10 Million to Analyze Corporate Data and Turn it into Text-Based Reports

Chicago Tribune: Narrative Science Raises $10 Million, Shifts from Automated News Stories

Mary Grace Glascott is the Product and Content Marketing Manger at Narrative Science. Connect with Mary Grace on Google + and Twitter.


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