Narrative Science, an automated narrative generation innovator, has struck up a software licensing agreement with United Services Automobile Association. Their subsidiary also headed a fresh funding round along with existing investors like Sapphire Ventures (formerly SAP Ventures), Jump Capital and Battery Ventures, totally $10 million.
“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,” explained 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.”
Using Artificial Intelligence technology, the Narrative Science Quill platform carries out data assimilation from disparate sources and creates written narratives, based on what might be significant to the end user. These narratives convey meaning from the data for any intended consumer or business audience, at unlimited scale.
Early on, it used its proprietary tech on ‘newspaper articles based solely on box scores.’ However, it has started mining enterprise software, finding usage in IT architectures within financial services and government agencies, Frankel told VentureBeat.
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Narrative Science has raised $32 million in funding so far. Founded in 2010 in Chicago with 60 employees, its customers include organizations such as American Century Investments, MasterCard Advisors, the U.S. intelligence community and National Health Services (NHS) of England. USAA, provider of insurance, banking, investments, and retirement products to the U.S. Military and their families, utilizes the Quill platform to enhance the financial advice it provides to its members.
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(Image credit: Narrative Science)