Technology

Instoried raises $8 million in funding round led by Pritt, 9Unicorns


New Delhi: Instoried, which offers artificial intelligence-enabled pre-publication sentiment analysis tools, has raised $8 million (about Rs 60 crore) in a funding round led by Pritt Investment Partners and 9 Unicorns.

The company has now raised a total of $10 million.

The latest fundraising also saw the participation of Mumbai Angels, Venture Catalysts Angel Fund, SOSV and a few high networth individuals. The capital will be used to strengthen the company’s tech stack, and for expansion and hiring, according to a statement.

Founded in 2019 by Sharmin Ali (CTO Sutanshu Raj was named cofounder later), Instoried offers an artificial intelligence-powered pre-publication sentiment analysis tool that enhances content performance in real-time. The product offering includes both content evaluation and creation. The platform uses the principles of neuromarketing to offer smart recommendations to increase or decrease a particular emotion in the content.

Instoried’s tool suggests smart recommendations that create content to resonate and strike a chord with customers, which leads to higher engagement and content productivity.

“With all brands selling online and the world going virtual, we were able to identify a huge opportunity in this adversity (pandemic time) and have grown 50X in the last one year. We are now looking at scaling operations in the US,” Ali said.

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The fresh capital will help the company go to market, build a strong team in the US and add more product offerings to its existing portfolio, she added.

“As the digital marketing industry continues to grow, we believe Instoried is well-positioned with their product to take advantage of this opportunity and quickly penetrate the market,” said Scott Tripp of Pritt Investment Partners. “We are excited and proud to be a lead investor in the company and look forward to seeing the continued rapid growth of the company.”



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