Deals

Associated Press backs Automated Insights to automate boring earnings reports

Automated Insights' Wordsmith cloud software
Image Credit: Automated Insights

“Company X disappoints on $Y revenue, low $Z EPS”

Zzz…

Unless a hot company is involved, earnings reports are terribly dull things to read. And it appears the Associated Press agrees, as the media firm just participated in Automated Insights‘ $5.5 million funding round, alongside Samsung, Osage Venture Partners, and AOL’s Steve Case.

Automated Insights claims it uses “artificial intelligence” to “transform raw data into actionable stories and insights.” The startup operates in a space similar to Summly, a news summarization tool Yahoo bought last year. But Automated Insights apparently excels in processing financial data and aims to robotically pick apart an earnings release as well as any finance reporter can.

Going forward, AP plans to use Automated Insights to automate the coverage of “15x” more companies each quarter, Automated Insights tells VentureBeat. What sort of value a robotic report can create for readers, however, is unclear.

Aren’t press releases robotic enough?