201730 Aug
AI Startup Narrativa Raises Funding From UAE's Twofour54 And Other Investors
Type
Funding Rounds
Companies
Funding
201729 Aug
$924KSeed
Source
Entrepreneur
Summary

UAE- based natural language generation startup Narrativa has announced the close of its pre-Series A round, raising undisclosed amount of investment from Abu Dhabi’s media free zone twofour54, and other “large media companies and business angels from Europe, the US and the UAE.” Narrativas Artificial Intelligence (AI) product (known as GabrieleAI) translates data into narrative/descriptive content- a feature that, for instance, simplifies the creation of mass content like financial reports and e-commerce product descriptions among others. The MENA region provides ample opportunities for expansion, and is bolstered by a young, dynamic, tech-savvy population that has one of the highest consumptions of social media per capita worldwide. We are thrilled to be part of Narrativa’s next stage of its growth story.” With a client base primarily in the UAE, Saudi Arabia and Europe for now, Llorente says they have a pipeline of more than 20 customers which will help them double the current customer base “in less than four months.” He expects the investment to help them extend their reach to the wider MENA market, and also help tap other industries where generating content at scale can be useful, specifically financial services, and oil and gas sectors. With regard to the efforts that resulted in the successful fundraise, Llorente believes it’s a difficult process to raise money for “a purely tech company in a region where traditionally investors invest in startups with a focus on digitalizing existing non-digital businesses such as e-commerce, real state, business processes, marketplaces.” However, he refers to current investors twofour54 as “a visionary” that has believed in Narrativa, and its impact in the region. “Together we managed to put together a group of investors which share our vision, and believe that Narrativa can became a tech dominant player in the natural language generation field using advance AI,” says the entrepreneur.

Classifications
  • Artificial Intelligence & Machine learning
  • Content Management
  • OCR (Optical Character recognition)
  • Content & Web Management
  • Computer Utilities