Selerity, a startup that monitors unstructured data and delivers personalised alerts to investors and traders, has raised $4.2 million in a funding round led by Citi, which is also using the firm's algorithms to provide recommendations to clients through its Citi Velocity platform.
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.
The new round comes shortly after Selerity secured a deal to parse relevant data from Twitter to provide users with market moving news from the micro-blogging site. Among the first clients to use the data is Symphony, the bank-backed messaging platform that is looking to provide an alternative to Bloomberg chat channels, and Citi via its institutional client platform Velocity.
Jim Mahn, managing director, Citi, says: “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."
The company, set up by former Thomson Reuters man Ryan Terpstra in 2008, has also added Jeff Penney, most recently recently head of corporate and investment bank strategy at JP Morgan, to its board of directors