Narrative has raised $ 8.5 million in Series A funding and is launching a new product designed to further simplify the process of buying and selling data.
I've already written about the company's existing marketplace and data transaction management software. With the new Data Streams Marketplace, the process should be easier than ever – not much different from buying products on Amazon.
“Basically, the idea was to apply the best parts of the e-commerce and search model to a non-consumer proposition to find, discover, and ultimately buy data,” said founder and CEO Nick Jordan (pictured above Left). told me. "The prerequisite is that it is just as easy to buy data as it is online."
In Jordan’s view, this approach has become more attractive in recent months as, despite all the uncertainty, companies need more data and need it quickly. For example, he suggested that a large company that spends tens of millions of dollars on advertising “needs a way to find and buy the data almost programmatically, and it takes five minutes instead of five months – those are the orders of magnitude that we ”. I am talking here. "
This data is usually sold by third party vendors who are verified by Narrative before they join the platform. Jordan also said the market enables buyers to learn more about who they are buying data from and even to build a direct relationship – something that could be important in understanding things like regulatory compliance and data quality.
Although Narrative is working to "thoroughly understand the data collection methods (the vendors)," Jordan warned, "There isn't necessarily a silver bullet for things that are regulatory safe."
Similarly, he said that Narrative will not evaluate the quality of the data sold on the platform. He argued: “The quality of the data is in the eye of the beholder. Someone's signal is someone else's noise. "
These two topics aim to create transparency and allow buyers to do more research if necessary. Jordan also said Narrative is building a marketplace for third-party applications – and that could include applications that evaluate the quality of a dataset.
"In the long run, I can think of a number of use cases that are almost infinite," he said.
Narrative had previously raised $ 5.3 million in funding, according to Crunchbase. Series A was led by G20 Ventures with additional funding from existing investors such as Glasswing Ventures, MathCapital, Revel Partners, Tuhaye Venture Partners and XSeed Capital.
Jordan said the new round will allow the company to hire in areas such as product, tech, sales and marketing. He also noted that Narrative has long prioritized recruiting team members from across North America, and recently has put a greater focus on reaching out and recruiting underrepresented groups.
"It's easier to say that's done," he admitted. "Any company that does well has to make it a priority, not just something they hope will happen."