Big Data firm Context Relevant secures funding; signs BofA and Goldman as clients

Big Data firm Context Relevant secures funding; signs BofA and Goldman as clients

US-based risk analytics outfit Context Relevant has completed $13.5 million in Series B-1 funding and signed strategic partnerships with Bank of America Merrill Lynch and Goldman Sachs.

Seattle-based Context Relevant majors on the use of Big Data to run what-if? scenarios across a range of applications, from pricing and CRM, to stock trading and fraud prevention.

The latest round of funding - with participation from Goldman Sachs, Bank of America Merrill Lynch, Formation 8, New York Life, and Bloomberg Beta - comes just months after the company closed $21 million in a Series B round, bringing total funding to-date to $42 million.

"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," says Stephen Purpura, CEO of Context Relevant. "Our technology is not just for data scientists, it is used throughout our clients' workforce."

He says BofA Merrill Lynch and Goldman Sachs plan to use the firm's behavioural predictive analytics platform "in various ways across the banks".

Bank of America Merrill Lynch MD Bina Kalola says: "Our goal is to provide innovative solutions that meet the evolving needs of our clients in an increasingly complex marketplace. Robust risk management systems and powerful analytic tools not only help us better serve clients, but also are critical for the soundness of our financial system."

Kalola joins Rana Yared managing director in the securities division at Goldman Sachs on the board of directors. Don Duet, global co-head of Goldman Sachs' technology division, will also join Context Relevant's advisory board.

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