Context Relevant, a US-based provider of predictive analytics applications, has closed a $7m series A funding round from Bloomberg Beta, the early-stage venture capital fund recently launched by US-based media group Bloomberg, venture capital firm Madrona Venture Group, private equity investor Vulcan Capital, angel investor Geoff Entress and other private investors.
The investment will be used to accelerate hiring as the company targets sales to the finance, web personalization and online travel sectors.
Previously, Context Relevant raised $1.5m in autumn 2012.
Stephen Purpura, Context Relevant co-founder and chief executive officer, said: “Traditional analytic approaches are too retrospective and cumbersome to deliver the timely recommendations business leaders deserve. Our distributed statistical analysis and execution engine produces price, value and segment recommendations dramatically faster than current methods.”
Tim Porter, managing director, Madrona Venture Group, said: “With total data stored doubling every two years, companies must build leading positions by knowing and acting on their data better than competitors.”