Automated Insights announced today that it has been acquired by Vista Equity Partners and STATS to fast-track the adoption of Ai’s natural language generation (NLG) technology across multiple industries including business intelligence, media, sports and beyond. Automated Insights will remain headquartered in Durham, North Carolina, where the company will be a subsidiary of Vista-owned STATS.
“Our entire team is excited to accelerate our growth alongside Vista and STATS,” said Ai CEO Robbie Allen. “Vista immediately understood the value proposition of and opportunities for our solution, and we believe they will be a great partner in helping our team take Ai to the next level. With Vista’s support and experience, we will continue our focus on product development and innovation as well as exploring new frontiers of artificial intelligence. For Automated Insights, this acquisition opens up incredible possibilities.”
Read the full press release from Automated Insights
Automated Insights’ recent exit and substantial success is proof of the power of the Triangle’s entrepreneurial network, writes Rick Smith of WRAL.
Success has many parents,” said Steve Hinkson of the Council of Entrepreneurial Development. And AI’s acquisition is proof of this. CEO Robbie Allen has worked extensively with entrepreneurs and VCs in the Triangle to develop his company to the point of acquisition. Leveraging this network, Smith writes, was key to his success.
Read the full story from WRAL TechWire
Automated Insights’ recent successful exit could draw more VC funding to North Carolina, Lauren K. Ohnesorge of the Triangle Business Journal suggests.
Last Thursday, Automated Insights was acquired by Vista Equity Partners.
AI raised over $10 million in equity from VCs and angels such as Osage Partners, Court Square Ventures, OCA Ventures, IDEA Fund Partners, Associated Press, Revolution Ventures, Box Group, and Samsung Open Innovation.
AI is not alone in its recent victory, however. 2014 also saw the acquisition of both Appia and Digitalsmith – both based in Durham. This sort of success, Ohnesorge posits, could play a significant role in the further development of an already vibrant entrepreneurial community.
Read the full story from Triangle Business Journal
WedPics announces the second close of its oversubscribed Series B financing. The second close raised $2.25M, bringing the total Series B financing to $6.5M, a combination of equity and debt. New investors participating in the round include Middleland Capital, WTI and an AngelList syndicate led by Shark Tank’s Barbara Corcoran – backers include Brad Feld, Dave Morin and others. WedPics continue to rapidly add new users. The company is currentlysigning up at least 1,000 brides per day, with a goal of 800,000 by the end of the year.
Read the full article from TechCrunch