Predictive analytics startup Context Relevant has been making inroads lately.
The Seattle-based startup has added offices in New York and San Francisco and tripled its headcount in the past year, and financial services companies have been adopting its software.
And the growth won’t stop. Today Context Relevant is announcing $21 million in new funding.
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With today’s funding, Context Relevant can handle more customers and have a better shot at challenging competitors.
The company claims to automate machine learning, so systems become smarter over time on their own as more data gets fed into them. The software can work alongside data analysis tools like R and SAS, so people can spend less time with them. It supports a wide variety of data types, including social media streams and web logs.
The company focuses now on prioritizing sales, although some people use it for fraud detection and bond price analysis, Stephen Purpura, Context Relevant’s co-founder and chief executive, wrote in an email to VentureBeat.
But Purpura declined to name customers. “The technology and solution we provide provides our customers with an unfair strategic advantage over their competitors and our customers do not desire to inform their competitors about the details of this advantage,” he wrote.
Context Relevant started in 2012. To date the startup has raised $28 million. Formation 8 led today’s round. Bloomberg Beta, Madrona Venture Group, Vulcan Capital, and angel investors also participated.
Context Relevant announced a $7 million venture round in July.
Context Relevant is a big data analytics startup based in Seattle, Context Relevant (contextrelevant.com), sells the first predictive analytics application with automated machine learning fo... All Context Relevant news »
CEO and a co-founder of Context Relevant, Stephen has more than 20 years of experience as a data scientist, an inventor, an academic, and a production software developer. He has worked on bo... All Stephen Purpura news »