Durham-based Automated Insights lands $5.5M in funding, deal with Associated Press
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Durham, N.C. — Durham-based Automated Insights, which uses proprietary robotic technology to produce content for web sites, has landed $5.5 million in new venture capital funding. The Associated Press, which is an investor, also says it will use Automated Insights for some news stories.
The deals were announced early Monday.
Automated Insights, which already provides content for some sites such as Yahoo!, developed and patented technology called Wordsmith that produces stories based on information gathered from around the Internet and other sources.
The Associated Press, one of the world's largest news organization, said it will utilize Wordsmith to produce quarterly earnings reports based on data publicly traded firms make available.
"The potential for Ai's technology is evident in the strategic investors in this financing round," said Jim Kennedy, the AP's senior vice president for Strategy and Enterprise Development, in a statement.
The AP is one of several high-profile investors listed in the latest round of funding.
Others include Steve Case, the co-founder of America Online, Samsung Investment Corporation, IDEA Fund Partners which is based in Durham, and Osage Venture Partners. Osage was the largest investor in Automated Insight's second round of funding.
"Automated Insights is an exciting company and we look forward to expanding our partnership," said Sang Ahn, managing director of Samsung Open Innovation Center, in the announcement.
Automated Insight's technology generates narrative reports based on analysis and information it gathers.
"Today, companies rely on business intelligence tools or in-house solutions that force users to decipher complex dashboards," said Robbie Allen, Automated Insight's chief executive officer and founder. "The problem is that charts and graphs don't tell a story, words do. Wordsmith enables any company to communicate a unique and actionable message to each employee or customer."
Automated Insights raised $4 million from investors in 2011 and at that time changed its name from StatSheet.
The company also recently moved into new headquarters space adjacent to the Durham Bulls stadium.
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