This 3-year-old startup announced today that they have raised $11.5 million in a series C funding round. This is their second round of financing this year, and it follows the CIA-backed venture capital firm In-Q-Tel investing in Narrative Science in June. This firm also went through at least one previous round of financing in January 2011, where it picked up $6 million.
Narrative Science has been working for the past several years to develop algorithms that can replace basic reporting. It's been working with a number of news sites, including some as high profile as ABC and Forbes.
These news sites have been using Quill, the company's automated authoring platform, to turn basic statistics into news articles. Quill combines data analytics with artificial intelligence to transform data into narratives and insights, freeing writers from having to write the same basic article for each financial report or analyst's prediction.