US-based big data analysis provider Automated Insights has raised $5.5m in a series B round backed by Samsung Ventures, the corporate venturing fund for electronics producer Samsung, and media company Associated Press.
Venture capital firms Court Square Ventures, OCA Ventures and IDEA Fund Partners also participated alongside AOL co-founder Steve Case and former SevOne CEO Mike Phelan.
Automated Insights has patented a platform called Wordsmith that uses big data to create written reports, personalised as if they had been produced by a human writer. Wordsmith can find patterns and trends in raw data and describe them in written English.
The Associated Press plans to use the technology to write quarterly earnings reports from the data published by listed corporations.
Automated Insights received $5.3m in series A funding in two tranches in 2010 and 2011 from Court Square, OCA, IDEA, Valhalla Partners, David Tisch and BoxGroup.