Narrative Science, a Chicago IL-based provider of an automated narrative generation platform for the enterprise, raised $10m in a round of equity financing.
The round was led by a USAA subsidiary. with participation from existing investors Sapphire Ventures (formerly SAP Ventures), Jump Capital and Battery Ventures. In conjunction with the funding, Jai Das, managing director, Sapphire Ventures, will join the Narrative Science board of directors.
The company, which has raised $32m in total, will use the investment to further enhance Quill and increase investment in engineering, sales and other functional areas.
Led by Stuart Frankel, CEO, Narrative Science provides a platform (Quill™) that 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.
It is used by Fortune 500 companies in diverse industries including financial services, government, manufacturing, retail and healthcare.
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, has entered into a software licensing agreement with Narrative Science and will use the company’s Quill™ platform to enhance the financial advice it provides to its members.