Prattle, a St. Louis, MO-based text analytics startup that brings tradable sentiment data to finance professionals, raised $3.3m in seed financing.
The round was led by GCM Grosvenor, with participation from New Enterprise Associates (NEA), Correlation Ventures, Plug and Play Ventures and a group of Silicon Valley and Wall Street angel investors.
The company will use the capital to continue building out its proprietary sentiment analysis products.
Led by Evan Schnidman, CEO, Prattle uses natural language processing, sentiment analysis and machine learning to quantify the relationship between language and the market. Its patent-pending methodology algorithmically generates data that is designed to predict the market impact of central bank and corporate communications solution and streamlines the financial research process with data delivered in real time.
Research analysts, traders and other finance professionals use Prattle data—accessed through an interactive web portal, email notifications or an API—to anticipate and spot market trends and to build data-driven trading strategies.