StoryFit, an Austin, Texas-based AI technology company that provides machine learning and audience insights for the entertainment industry announced it raised $5.5 million in Series A funding.
Refinery Ventures led the round, with participation from existing and new investors, including Techstars, European-based Elkstone Partners, Collective Capital Ventures, Alumni Ventures, and others.
StoryFit will utilize the financing to expand client solutions and execute an aggressive hiring strategy focused on machine learning, marketing, and sales.
"At StoryFit, we've transformed the development process for some of the industry's leading creators through industry-first AI solutions," said StoryFit founder and CEO Monica Landers. "Tim Schigel and Refinery have a history of transforming industries. We're excited to have them on board as partners in this mission."
StoryFit employs cutting-edge natural language processing and machine learning to provide audience and content insights prior to production, allowing entertainment companies to deliver better content faster, identify and position stories for audiences, and harness the overall power of a story throughout the content lifecycle.
The company also announced the addition of Andy Terrel, PhD., as CTO to its leadership team, and Tim Schigel, managing partner at Refinery, will join StoryFit's board.
Company: StoryFit, Inc.
Round: Series A
Funding Month: October 2022
Lead Investors: Refinery Ventures
Additional Investors: Techstars, Elkstone Partners, Collective Capital Ventures, and Alumni Ventures
Company Website: https://storyfit.com/
Software Category: AI-powered Story Science
About the Company: StoryFit delivers AI-powered Story Science for the entertainment and publishing industries, throughout a story's lifecycle, from acquisition and creative development through production greenlight and marketing and distribution. StoryFit uses artificial intelligence to measure over 100,000 key features and compare them to thousands of other scripts or books to generate actionable insights. Combining rich NLP and machine-learning expertise with a deep understanding of narrative content, StoryFit is revolutionizing the dataset provided to storytellers—helping them to acquire the best content, identify the most effective story elements for audience engagement, track key development changes, and determine the appropriate audience.