Chicago-based Narrative Science announced Friday that it has raised $10 million and signaled a shift from its original focus on creating automated news stories.
Narrative Science launched in 2010 out of a research project at Northwestern University that turned data into recaps of baseball games. In its early days, the startup drew attention for what some saw as an attempt to replace journalists with artificial intelligence. The company’s Quill platform can analyze structured data and turn it into simple, natural language stories.
The company also announced that it has entered into a software licensing agreement with the United Services Automobile Association, a San Antonio-based firm that provides investment, banking and retirement products to current and former members of the military and their families.
A USAA subsidiary led this funding round, which brings Narrative Science’s total funding to $32 million. Existing investors Santa Clarita, Calif.,-based Sapphire Ventures, Chicago-based Jump Capital and Boston-based Battery Ventures also participated. Sapphire Ventures’ managing director Jai Das will join Narrative Science’s board of directors.
The company said it will use the funds to bolster Quill and invest in engineering and sales.
The USAA will use Narrative Science’s technology to create advice content from financial data, Narrative Science CEO Stuart Frankel said.