Investment supports development of real-time, contextual content recommendation solution
Latest round brings total funding to date to $12.3M
Banking veteran, Jeff Penney, joins board of directors
Selerity, the first contextual content recommendation solution for the enterprise, today announces a funding round of $4.2 Million, led by Citi (NYSE: C). Several existing Selerity Series B investors also participated in the round, including financial technology industry entrepreneurs and investors Roger Ehrenberg and Mark Faulkner. This latest investment brings Selerity’s total funding to date to $12.3 million since its inception. Following Selerity’s recent launch of Selerity Context , the funding will be used to further advance the development of its proprietary artificial intelligence algorithms, large-scale data science infrastructure, and expand sales and marketing across global enterprise markets.
Jeff Penney, a consultant and seasoned finance professional who has held a number of leadership positions with global banking institutions, including Merrill Lynch, Morgan Stanley, Credit Suisse, and most recently head of corporate and investment bank strategy at JP Morgan, will also join Selerity’s board of directors. With over 30 years of experience in banking and capital markets, Penney’s knowledge of both traditional finance and emerging fintech will support Selerity during its next phase of growth.
“We would like to thank our new and existing investors for their support,” said Ryan Terpstra, Founder & CEO, Selerity. “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.”
Selerity is committed to empowering business and finance professionals with regulation-compliant, contextually relevant information that impacts markets and decision making. Its content recommendation platform, Selerity Context, is powered by proprietary artificial intelligence that customizes the delivery of real-time social media, news, and research specific to a professional’s interests. Targeted at users of enterprise messaging applications, financial portals, e-brokers, and research and banking platforms, the company’s service improves workflow and empowers more informed decision making in real-time.
“Implementing Selerity’s contextual content recommendation capabilities allows us to effectively deliver timely and relevant content to our staff and clients through Citi Velocity, our award winning institutional client platform,” said Jim Mahn, Managing Director, Citi.
“I’m pleased to join Selerity’s board of directors at an exciting time of growth for the company,” said Penney. “Throughout the years, I’ve been involved in both traditional finance settings as well as the fintech space, so I am excited to see innovations like Selerity Context adding value to the industry and I look forward to contributing.”