A company that uses artificial intelligence to convert data into usable documents such as reports or product descriptions has completed a seed funding round led by TwoFour 54, the Abu Dhabi-based free trade zone that hosts media firms.
Narrativa, a two year-old company with offices in Abu Dhabi, Hamburg and Madrid, has closed a pre-Series A funding round, which received backing from media companies and business angels in the United Arab Emirates, the United States and Europe, according to a statement from TwoFour 54.
The company’s technology can automatically transform data sets into “narrative content”, and it is the first firm to be able to automatically generate content in Arabic, according to the statement.
After participating in the Flat6 Labs Accelerator programme within the TwoFour54 media zone in Abu Dhabi, and the Next Media Accelerator in Hamburg, Narrativa said that it would use the money it has raised to expand its team, develop its technology and to invest in sales and marketing.
The company currently sells in the Europe, the UAE and Saudi Arabia but is looking to expand into the wider Middle East market and to new sectors, including financial services and oil and gas.
David Llorente, CEO of Narrativa, said that the company “is at the forefront of natural language generation technology, and this latest round of funding shows strong confidence in Narrativa’s growth and future prospects”.
“The rise of big data, the rapid development of computing capabilities and the evolution of AI are revolutionising the way we produce and consume content,” he added.
“Narrativa’s AI technology helps companies in the media, e-commerce and enterprise reporting space to exponentially increase the amount of content generated, significantly reduce costs, and develop new revenue streams.”
Maryam AlMheiri, CEO of twofour54 and Abu Dhabi’s Media Zone Authority, said that its investment in Narrativa “is in line with our vision to champion the creative community and foster the production of content”.
She said that less than 2 percent of online content is in Arabic, despite the fact that the Middle East and North African region has a young, techsavvy population with some of the highest rates of social media consumption in the world.
© Zawya 2017
Narrativa, a two year-old company with offices in Abu Dhabi, Hamburg and Madrid, has closed a pre-Series A funding round, which received backing from media companies and business angels in the United Arab Emirates, the United States and Europe, according to a statement from TwoFour 54.
The company’s technology can automatically transform data sets into “narrative content”, and it is the first firm to be able to automatically generate content in Arabic, according to the statement.
After participating in the Flat6 Labs Accelerator programme within the TwoFour54 media zone in Abu Dhabi, and the Next Media Accelerator in Hamburg, Narrativa said that it would use the money it has raised to expand its team, develop its technology and to invest in sales and marketing.
The company currently sells in the Europe, the UAE and Saudi Arabia but is looking to expand into the wider Middle East market and to new sectors, including financial services and oil and gas.
David Llorente, CEO of Narrativa, said that the company “is at the forefront of natural language generation technology, and this latest round of funding shows strong confidence in Narrativa’s growth and future prospects”.
“The rise of big data, the rapid development of computing capabilities and the evolution of AI are revolutionising the way we produce and consume content,” he added.
“Narrativa’s AI technology helps companies in the media, e-commerce and enterprise reporting space to exponentially increase the amount of content generated, significantly reduce costs, and develop new revenue streams.”
Maryam AlMheiri, CEO of twofour54 and Abu Dhabi’s Media Zone Authority, said that its investment in Narrativa “is in line with our vision to champion the creative community and foster the production of content”.
She said that less than 2 percent of online content is in Arabic, despite the fact that the Middle East and North African region has a young, techsavvy population with some of the highest rates of social media consumption in the world.
© Zawya 2017
