The narrative has raised $8.5 million in Series A funding and is releasing a new app to further automate the data acquisition and distribution process.
I’ve already written about the current marketplace and data processing management tools for the client. The method will be easier than ever with the new Data Sources Platform-not any different from purchasing goods on Amazon.
Jordan, for example, showed me how a marketer could browse and check the marketplace for various types of data. If they find something they want to buy (say, the smartphone IDs of people with the Uber Driver app installed on their phones, or the Zoom app) at a price they’re able to pay (usually by subscription), they will easily apply the data set to their shopping cart, input their credit card details, approve the terms of service and check out.
According to Jordan, this strategy has become more appealing in recent months, and with all the confusion, enterprises need more data, and they need it now. He indicated, for example, that a big corporation investing tens of millions of dollars on ads “needs a way to locate and purchase the data almost programmatically and make the entire process take five minutes instead of five months — these are the magnitude orders we’re talking about here.”
Generally, this data is provided by third-party vendors who are vetted by Story before entering the site. Jordan also said the platform helps customers to know more about who they are buying data from, and also create a direct relationship — something that could be important to understand issues like regulatory enforcement and data quality.
While Narration helps to “deeply understand methodologies of [sellers’] data processing,” Jordan cautioned, “There isn’t a magic bullet for everything to be secure from a regulatory viewpoint.”
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He said similarly the Narrative would not berating the quality of the data offered on the website. According to Crunchbase, the narrative has already raised $5.3 million in support. The Series A was led by G20 Ventures, joined by established investors such as Glasswing Ventures, MathCapital, Revel Partners, Tuhaye Investment Partners, and XSeed Capital.
Conclusion:
All of these things are targeted at offering clarity and encouraging customers to do more work as appropriate. Jordan also said Narrative is developing a third-party technology marketplace — and that could include apps that rate the consistency of a data collection.
