SEATTLE & NEW YORK--(BUSINESS WIRE)--Context Relevant today announced completing $13.5 million in Series B-1 funding with participation by Goldman Sachs, Bank of America Merrill Lynch, Formation 8, New York Life, and Bloomberg Beta. This latest round of funding comes just months after the company closed $21 million in a Series B round, bringing total funding to-date for Context Relevant to $42 million.
Context Relevant has entered into strategic partnerships with BofA Merrill Lynch and Goldman Sachs. The partnership is focused on the use of Context Relevant’s Behavioral Predictive Analytics platform in various ways across the banks. Don Duet, global co-head of Goldman Sachs’ Technology Division, will join Context Relevant’s Advisory Board.
“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,” said Stephen Purpura, CEO of Context Relevant. “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 named Bina Kalola, Managing Director at Bank of America Merrill Lynch and Rana Yared, Managing Director in the Securities Division at Goldman Sachs, to its board of directors. The two join an experienced board, including Jim Kim of Formation 8, Tim Porter of Madrona Venture Group, and Context Relevant’s founder and CEO Stephen Purpura.
Bank of America Merrill Lynch’s Bina Kalola said, “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.”
“Along with providing greater business efficiency, Context Relevant is focused on delivering the next generation of sophisticated data science solutions to help financial institutions better understand and serve their clients,” added Rana Yared of Goldman Sachs. “We’re pleased to join their Board of Directors.”
Since its founding in 2012, Context Relevant has already achieved an impressive client roster of Wall Street’s largest financial institutions, as well as leading insurance providers. The company has closed two successful fundraising rounds in less than five months as a result of strong customer demand and product growth opportunities. Further, Context Relevant recently opened a New York office to be closer to its Wall Street clients.
For more information about Context Relevant and its Big Data 2.0 solution for financial services, visit www.contextrelevant.com.
About Context Relevant
Context Relevant delivers predictive analytics software that can anticipate changes in operations, customer behavior, product pricing, and even what attackers may do next. Allowing you to find answers from your data faster, more easily, and more cost effectively than ever before. To implement those insights into repeatable ROI-delivering workflows, email us at BigData@contextrelevant.com, call us at 800-980-DATA, or visit us online at contextrelevant.com.
About Don Duet
Don Duet is co-head of the Technology Division at Goldman Sachs. He chairs the Technology Division Operating Committee and serves on the Firmwide Risk Committee, Firmwide Technology Risk Committee and the Technology Division Executive Committee. He is also co-chair of both the Investment Banking Division’s Internet Investment Committee and Clean Technology and Renewables Group Investment Committee. Don joined Goldman Sachs in 1988 as an associate in the Technology Department within Fixed Income, Currency and Commodities in New York. Don earned a BS in Computer Science and Mathematics from Marist College in 1988.
About Bina Kalola
Bina Kalola, managing director, is head of Global Equities Strategic Direct Investments and head of Global FICC e-Trading Market Structure Strategy at Bank of America Merrill Lynch. In her Global FICC e-Trading role, Kalola is responsible for driving market structure strategy, as well as identifying innovation ideas and new opportunities with third-party platforms.
In her Global Equities role, Kalola manages a global strategic investments portfolio, which includes identifying strategic opportunities and driving investments within the financial technology, market data and infrastructure technology sectors. Kalola holds a JD from Georgetown University and a BA from Barnard College, Columbia University.
About Rana Yared
Rana Yared is a managing director in the Principal Strategic Investments team in the Securities Division at Goldman Sachs. She joined Goldman Sachs as an analyst in 2006 and was named managing director in 2013. Rana earned a BS from the Wharton School of the University of Pennsylvania, a BA in International Relations from the University of Pennsylvania and an MSc from the London School of Economics.
About Bank of America Merrill Lynch
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and a member of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.