Context Relevant, a US-based provider of predictive analytics software, has raised $13.5m in a second tranche of series B funding from investors including Bloomberg Beta, the early-stage investment fund supported by media company Bloomberg.
Investment banks Goldman Sachs and Bank of America Merrill Lynch and insurance company New York Life also participated, along with corporate-backed venture firm Formation 8.
The latest funding adds to $21m raised in May from Formation 8, Bloomberg Beta, Madrona Venture Group and Vulcan Capital. Following the round, Context Relevant has now entered into strategic partnership with Bank of America Merrill Lynch and Goldman Sachs.
Stephen Purpura, chief executive of Context Relevant, said: “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.
“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.”
Context Relevant has now raised $44.3m in total, including $7m from a series A round in July 2013 from Bloomberg, Madrona, Vulcan, and private investors, and $2.8m in two rounds of seed funding the year before.