Big banks invest $13.5M in machine learning startup Context Relevant

Context Relevant, a Seattle-based company pushing a set of specialized machine learning applications, has added to its series B round of venture capital with $13.5 million from Goldman Sachs, Bank of America Merrill Lynch, Formation 8, New York Life, and Bloomberg Beta. In a world of data science and open source libraries, Context Relevant’s approach of focusing on a select set of algorithms, and making them easy to implement, is pretty smart. It certainly seems to have struck a chord with financial services customers, which has historically been a lucrative market for software vendors.

Machine learning startup Context Relevant raises $21M in series B funding

Context Relevant, a Seattle-based startup that promises to create accurate predictive models in a hurry, even across large datasets, has raised a $21 million series B round of venture capital. Formation 8 led the round, which also included existing investors Madrona Venture Group, Bloomberg Beta and Vulcan Capital, and several angels and strategic investors. Context Relevant’s technology includes specialized algorithms for functions such as fraud detection and behavioral analysis, then automatically analyzes data against them and generates models that can added to applications without recoding.

Meet the startups making machine learning an elementary affair

The choices are getting a lot better for businesses that want out-of-the-box functionality for machine learning, predictive analytics and general data science. Prepackaged software might not make your company into Google, but a step closer is a step in the right direction.