Looking to Capitalize on $13.7 Billion Cognitive Computing Market by 2020
HONG KONG, CHINA--(Marketwired - January 25, 2016) - CustomerMatrix, a leading innovator in Cognitive Computing, today announced it has closed $10.5 million in Series-B funding to further accelerate its already impressive growth and customer success. The investment was led by HSBC, with participation from Aster Capital, and existing investors Newfund and True Global Ventures. With the $10.5 million investment, CustomerMatrix has now raised a total of $19.5 million.
"HSBC is keen to adopt technologies which help it improve the quality and depth of client relationships," said Remi Bourrette, Head of Strategic Innovation Investments, HSBC. "We believe that cognitive computing partnered with human intellect is a powerful force for change in business. CustomerMatrix is a leader in that field and we look forward to exploring opportunities with them."
Not just a predictive engine that produces blind scores or reports, the CustomerMatrix Cognitive Computing platform pushes tailored, ranked and actionable next steps to each Relationship Manager so they can rapidly capture new revenue. The platform's proprietary scoring system maximizes revenue growth with real-time comparisons to past outcomes, and ensures that these recommendations are ultra-relevant and delivered in context to users. Part of that speed to market is as a result of being built with banking information security best practices in mind. With a system that is pre-trained, financial institutions can have a revenue acceleration model up and running in as few as 16 weeks.
"CustomerMatrix is leading the digital transformation game and redefining how global banks and insurance firms can identity new revenue streams from cognitive computing," said François Véron, Partner at Newfund.
With this latest round of investment, the company will continue its expansion across fintech hubs worldwide to drive the digital transformation of corporate and investment banks, wealth management institutions as well as insurance companies.
"We have witnessed a lot of investment in the digital transformation of consumer banking, however the business side of banks has been left under serviced," said Guy Mounier, CEO and Co-Founder at CustomerMatrix. "Corporate banks, and insurance and private wealth management firms have sophisticated products and sales cycles which are relationship based, requiring the right expertise and infrastructure to accelerate revenue streams. Maximizing relationship value remains a challenge for financial institutions and therefore represents a huge opportunity. Banks who don't tackle this challenge will struggle to defend their market position over the next five years. Participation in this investment round by HSBC and existing customer Schneider Electric, through Aster Capital, underscores this new reality."
CustomerMatrix customers include six of the top 20 global banks and insurance firms, with two thirds of its employees focused on research and development. Earlier this year CustomerMatrix was named a Red Herring Top 100 Award Winner among North American startups. Most recently, it opened its Hong Kong office to spearhead the wave of innovation in the APAC region.
CustomerMatrix offers a market-leading cognitive computing platform that connects the dots between you, your organization and customers without adding costly new data infrastructure. The CustomerMatrix Cognitive Computing platform helps companies capture hidden revenue opportunities in real-time, by recommending specific actions for customer-facing employees and placing its recommendations in their existing workflows, ranked by impact value.
CustomerMatrix is headquartered in New York City with its R&D center in Paris, France and operations in Asia centered in Hong Kong. It has a growing list of Global 2000 customers including global banks such as BNP Paribas, insurers such as Allianz, as well as some of the world's most distinguished business brands such as Schneider Electric, Wolters Kluwer and Nexans. CustomerMatrix is a founding member of the Cognitive Computing Consortium with IBM-Watson.
For more information, please visit: www.customermatrix.com
The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from over 6,100 offices in 72 countries and territories in Asia, Europe, North and Latin America, and the Middle East and North Africa. With assets of US$2,572bn at 30 June 2015, HSBC is one of the world's largest banking and financial services organisations. For more information visit: www.hsbc.com
Newfund is a EUR100m VC active in Europe and the US. The fund has invested in 50 companies such as Medtech S.A., Customermatrix, Tageos, MobPartner, Invoxia, Trading Ticket, Aircall or In2Bones. More info : www.newfund-capital.com.
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