US-based big data analytics provider Context Relevant has closed a $21m series B funding round that included corporate-backed venture capital firm Formation 8 and Bloomberg Beta, an early-stage investment fund supported by media company Bloomberg.
VC firms Madrona Venture Group and Vulcan Capital also participated as return investors, Bloomberg having invested in Context Relevant’s $7m series A round. The latest equity round brings Context Relevant’s total funding to $28m since it was founded in 2012.
Context Relevant provides businesses with data analytics tools that can predict changes in their datasets, covering product pricing, customer actions and company operations.
Jim Kim, managing partner of Formation 8, said: “Too many companies provide tools that don’t address mission critical issues for businesses. Context Relevant’s products address real customer pain points and solve big problems.”