The startup was founded by Belarusian Michael Rumiantsau, who now lives and works in the United States. Previously, he founded the company FriendlyData, acquired by ServiceNow in 2018. Michael worked for the acquiring company for a while but then decided to launch a new business — Narrative BI.
Narrative BI was founded last year in San Francisco, but employees work globally. The company developed a beta version of the new service in August 2021, and on November 10 Narrative BI became the service of the week on Product Hunt. It has already been put to use by 70 customers, and during the testing period the program has processed the data of more than 8 million unique users. Having undergone beta testing, the product is now fully launched.
Narrative BI provides an analytics B2B platform that automatically generates insights for marketing and sales departments based on companies’ data from other services (e.g., Google Analytics, Salesforse, Mixpanel, etc.). It can be connected to existing marketing, CRM and product analytics tools to get insights from company data without the help of an analyst (they are provided as a news feed):
As the startup’s founder explained in a commentary to Forbes, “Every time something unusual happens with your data, it means something to your business. We make sure you know about it before it becomes a problem.”
In total, an American startup with Belarusian roots raised $1.2 million in the pre-seed round from Elysium Venture Capital, FinSight Ventures, Joint Journey, and angel investors, including Nick Bilogorskiy (who heads the Trust and Safety team at Google), Eugene Vyborov (co-founder of the fintech startup YayPay, which was sold for more than 17 million euros in August 2020), and others participated in the pre-seed round together with Adventures Lab and DigitalFuture. Previously, the company had already raised $200 thousand at the time of launch at the end of 2020.
The project attracted the attention of Kolos Ventures because it solves an urgent and serious business problem. In addition, the founder of the company is a successful entrepreneur, Michael Rumiantsau.
Narrative BI plans to use the money raised to launch the second version of the product in 2022 and expand the startup team.