Besides telling captivating stories, the entertainment industry is reliant on understanding audiences. However, knowing what clicks with audiences and what doesn’t is difficult to track. StoryFit simplifies the whole process by using artificial intelligence (AI), and it recently secured new funding to grow its platform and team.
The Austin-based startup closed a $5.5 million Series A round led by Refinery Ventures. With the new capital, StoryFit has now raised $13.1 million in equity since launching in 2015, according to Crunchbase.
StoryFit uses algorithms and AI to help creatives and film and TV producers determine if their content will be a hit with audiences. To do this, users submit a script to the StoryFit platform. It then analyzes the script and provides insight and actionable steps to make it jibe better with audiences.
According to StoryFit, its AI platform is able to help creatives and production companies deliver content faster. The platform is also useful for post-production and can help with distribution strategies and other aspects of the content’s lifecycle. Other industries that can benefit from StoryFit’s technology include the video games and publishing industries, according to the local startup.
“At StoryFit, we’ve transformed the development process for some of the industry’s leading creators through industry-first AI solutions,” Monica Landers, CEO and founder of StoryFit, wrote in a blog post.
With the new funding, the AI startup wants to execute an “aggressive hiring strategy” that will focus on attracting talents to its machine learning, marketing and sales departments. StoryFit currently has some openings listed on its website with more to come in the near future.
In addition to the funding announcement, StoryFit also announced that it brought on Andy Terrel as the company’s new chief technology officer. Terrel has had successful stints at other startups and helped take a company from its seed stage to an IPO.
