StoryFit, a rapid-growth AI technology company providing machine learning and audience insights for the entertainment industry, announced $5.5 million in Series A funding, led by Refinery Ventures. StoryFit will utilize the financing to expand client solutions and execute on 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.”
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StoryFit uses groundbreaking natural language processing and machine learning to deliver audience and content insights pre-production, so that entertainment companies are able 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 expansion of its leadership team with the addition of Andy Terrel, PhD., as CTO. Terrel has successfully built and scaled data science and engineering teams from the seed stage to initial public offering, including Anaconda, a platform used by millions of users globally. He joins the existing executive team which includes Founder and CEO Monica Landers, Chief Operating Officer Marc Evans, and Head of Growth and Revenue Kymn Goldstein.
Refinery’s managing partner, Schigel, will join StoryFit’s board. Schigel created ShareThis, a social media pioneer that nearly a billion people use to share online content every month. He also launched and managed Cintrifuse, one of the best performing fund of funds in the country, investing in 15 top-tier early stage funds across the U.S Prior successes include Advertising.com (AOL), Get2Chip (Cadence) and DotLoop (Zillow).
“I’m very impressed with what StoryFit has built and already achieved,” said Schigel. “We believe their technology and approach offers an entirely new opportunity for the entertainment industry to gather insights and better ROI, from development through distribution.”
Additional existing and new investors in this round include Techstars, European-based Elkstone Partners, Collective Capital Ventures, Alumni Ventures and others.