Context Relevant Security Software Sought After By Banks
November 3, 2014
The article on Owler titled Context Relevant CEO Is Too Busy For Ballmer— He’s Protecting The Global Financial Market delves into the behind-the-scenes of big data company CEO Stephen Purpora. His startup, Context Relevant, a machine learning and predictive analytics company, is inking big deals with Bank of America Merrill Lynch and Goldman Sachs. The article explains,
“Context Relevant makes predictive analytics software that is currently being used by banks to predict how portfolios will be affected by changes. The technology also helps banks root out what Purpura calls “bad actors,” or those who would attack or steal from the financial system. “Banks sometimes have to find bad actors quickly because the bad actors threaten all of us,” he said. The system learns normal behavior so it can sense and isolate bad behavior when it occurs.”
According to the article, Purpora had no intention of getting into the bank security business only three years into the company’s life. But, when “a situation” arose with a bank and Context Relevant was called in for emergency help finding a bad actor. When the company’s software worked, and fast, other banks started lining up to work with Purpora. So far, the company has raised $42 million.
Chelsea Kerwin, November 03, 2014
Sponsored by ArnoldIT.com, developer of Augmentext
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