CustomerMatrix Nabs $10.5 Million in Funding, HSBC Leads Charge

Venture capital funds Aster Capital, Newfund and True Global Ventures, the latter two which are already existing investors. CustomerMatrix has raised a total of $19.5 million.

"HSBC is keen to adopt technologies that help it improve the quality and depth of client relationships," says Remi Bourrette, head of strategic innovation investments at HSBC. "We believe that cognitive computing partnered with human intellect is a powerful force for change in business."

CustomerMatrix's cognitive computing platform creates tailored, ranked, actionable steps for relationship managers to potentially find new revenue. The proprietary scoring system can maximize revenue growth with real-time comparisons to past outcomes. According to the release, the system can be implemented within four months.

Currently, CustomerMatrix's clients include six of the top 20 global banks and insurance firms.

"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," says Guy Mounier, CEO and co-founder at CustomerMatrix. "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."