Selerity, a New York City-based contextual content recommendation solution for the enterprise, raised $4.2m in funding.
The round was led by Citi (NYSE: C) with participation from existing investors Roger Ehrenberg and Mark Faulkner. In conjunction with the funding, Jeff Penney, a consultant and 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.
The company, which has raised $12.3m in total funding to date, intends to use the funds 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.
Led by Ryan Terpstra, Founder & CEO, Selerity provides business and finance professionals with regulation-compliant, contextually relevant information that impacts markets and decision making. Its content recommendation platform, Selerity Context, leverages proprietary artificial intelligence that customizes the delivery of real-time social media, news, and research specific to a professional’s interests. The service targets users of enterprise messaging applications, financial portals, e-brokers, and research and banking platforms.