The company targets client relationship managers in the financial sector and is eyeing global expansion via financial hubs like Hong Kong
“What if your data could think?”
That is the slogan of a New York-based B2B cognitive computing startup CustomerMatrix, which announced today a US$10.5-million Series B investment led by banking giant HSBC.
Aster Capital, along with previous investors Newfund Capital and True Global Ventures, also contributed to the round.
In October 2015, the company expanded operations into Hong Kong, its first office in Asia. With the funding, it wants to continue to grow across the world’s financial hubs. CustomerMatrix told e27 it hopes to open an innovation lab in Singapore in the medium term. It also has an R&D centre in Paris, France.
With the Series B, CustomerMatrix has now raised a total of US$19.5 million.
“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. Maximising relationship value remains a challenge for financial institutions, and therefore represents a huge opportunity,” said CustomerMatrix Co-founder and CEO Guy Mounier, in an official statement.
CustomerMatrix pitches itself as a smart tool for client relationship managers and it targets corporate banks, investment banks, insurance companies, wealth management firms and other sectors of the finance industry.
With 2,000 customers, the product uses data analytics to push ranked, actionable and specific actions to community relationship managers. CustomerMatrix claims it can have a personalised revenue-boosting model up and running in 16 weeks.
In general, corporate client relationship managers act as a liaison between their employer — in this case banks or insurance companies — and clients. They generate revenue by leveraging the ins and outs of the company’s products to help clients solve problems. They also play an important role in forging new partnerships.
CustomerMatrix is solving the pain point of blind scores and reports, which may not be applicable to a specific situation.
“We believe that cognitive computing partnered with human intellect is a powerful force for change in business,” Remi Bourrette, Head of Strategic Innovation Investments at HSBC, said in a statement.
Its clients include big named banks like BNP Paribas and insurance company Allianz.
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