Narrative Science raised $10 million as part of a fully subscribed non-brokered equity offering. The subscription, which started on November 13th, lured five investors. The equity offering’s estimated net proceeds amount to $9.5 million excluding $500,000 earmarked for the payment of officers’ salaries. A total of five unregistered securities offerings closed by the company raised an estimated $22.7 million.
Narrative Science develops and markets an automated narrative generation engine for the enterprise. Powered by artificial intelligence, its Quill platform integrates data from disparate sources, understands what is important to the end user and then automatically generates written narratives to convey meaning from the data for any intended consumer or business audience, at unlimited scale. Investors include Sapphire Ventures, Jump Capital and Battery Ventures, In-Q-Tel, and United Services Automobile Association (USAA).
The company, headquartered in Chicago IL, is led by Stuart B Frankel (CEO). Narrative Science elected to keep its revenues undisclosed.
The executive team includes Adam Kanouse, Kristian Hammond and Nicholas Beil.
The board of directors includes David Rosenblatt, Jai Das, Sachin Chitnis and Victor Pascucci.
The company has raised an estimated total of $32.7 million via private unregistered security offerings.
Company: Narrative Science
Industry: Other Technology
Amount offered: $10 million
Amount placed: $10 million
SEC filing: Source
First sale: 11-13-2014
Data as of: 11-28-2014