Four months ago, Dataconomy reported a funding story on Context Relevant, a predictive analytics company that managed to raise $28 million in funding within just 28 months.
The success stories relating to the company, however, continue to pour in as it was revealed yesterday that the predictive analytics firm has now secured an additional $13.5 million in Series B-1 funding. This time, the company received backing from Goldman Sachs, Bank of America Merrill Lynch, Formation 8, New York Life, and Bloomberg Beta, bringing the total funding to $42 million.
Both banks have entered a strategic partnership with Context Relevant, where it is believed that the company’s Behavioral Predictive Analytics platform will be used in “various ways across the banks.” Bina Kalola, Managing Director at Bank of America Merrill Lynch and Rana Yared, Managing Director in the Securities Division at Goldman Sachs, will join Context Relevant’s board of directors.
“We have the right software, the right people and the right partners to make a difference in protecting and improving the global financial system, which is the number one job of our team,” said Stephen Purpura, CEO of Context Relevant. “Our technology is not just for data scientists, it is used throughout our clients’ workforce. The platform represents a disruptive quantum leap over existing analytics solutions used in financial services.”
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Context Relevant provides near real-time analytics applications like “Customer Behavior Analysis, Sales Intelligence, Pricing Strategy, and others to enable businesses to maximize the value of all data assets.” As VentureBeat aptly describe, data driven marketing and sales tools have increased in popularity over the past few years, and one of the main reasons companies are attracted to Context Relevant is because of its ability to “determine who should receive certain marketing materials and thereby increase sales.”
When asked why the company required another funding round just four months after receiving $21 million, Purpura said, “We raised another round because we are growing exponentially and achieved all the goals set by the previous round.”
Although Papura declined to comment on the company’s valuation, he did say that the company will use the recent funding round to hire an additional 150 people, including analysts, data scientists, engineers and more sales people.
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