Selerity, which bills itself as “the first contextual content recommendation solution for the enterprise,” said Tuesday (March 8) that it has garnered $4.2 million in funding through a consortium of investors led by Citi.
The firm said that several other investors participated in the round and had been Series B participants, among them entrepreneurs Mark Faulkner and Roger Ehrenberg. The total funding to date now tops $12.3 million.
In a nod toward board additions, the firm said Jeff Penney is joining its board and has, in the past, worked for a number of global banking outfits, including Morgan Stanley and Merrill Lynch, among others.
The money will be earmarked to back marketing activities and also technology initiatives that include artificial intelligence algorithms, large-scale data science infrastructure technology and expansion across new enterprise markets globally, said Selerity.
In a statement, Ryan Terpstra, founder and chief executive officer of Selerity, said: “The enterprise market has demonstrated a clear need for a solution that can deliver timely, contextually relevant and compliant content based on a user’s workflow and what’s happening in the world in real time. Investment from industry leading institution Citi, along with Jeff Penney’s support, is validation of our growth strategy and accelerates our mission to becoming the industry’s leading content technology company.”
The company has said that its Selerity Context platform is powered by artificial intelligence, which “customizes the delivery of real-time social media, news and research” specific to targeted interests, with users found at research, banking and other platforms. The technology, according to Selerity, enables its users to make decisions based off the information in a real-time fashion.
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