ContextSDK funding news – Austria-based ContextSDK Secures $4 Million in Seed Funding
Sep 18, 2024 | By Team SR
ContextSDK, a pioneer in transforming the way mobile apps engage users, announces $4 million in Seed funding. The round was led by Speedinvest, one of Europe's leading early-stage venture capital firms, with additional participation from First Momentum Ventures and New York-based Heracles Capital.
The funding will be used to enhance the number of mobile events processed to +40 billion and launch the company’s SaaS-based platform in the US in 2025.
A key challenge in the mobile app space is understanding user intent at the start of a session while maintaining user privacy. Mobile apps are used in various contexts - on the go, in noisy environments, or before bed - yet they function the same regardless of the situation.
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The lack of contextual adaptation leads to missed opportunities for personalized user experiences and results in poor retention. 77% of users currently abandon apps within the first three days of usage and another 95% by three months.
Using cutting-edge machine learning executed on a device (Edge AI) to interpret some +200 signals automatically collected from modern smartphones, ContextSDK enables apps to adapt to the real-world context of its users without intrusive data collection that compromises privacy.
Dieter Rappold, CEO and Co-Founder said: “The largest apps in the world have optimized their data, logic, and decision-making on the server side of things. It is obvious that combining that with Edge AI, enabled by machine learning executed on the device will lead to better app experiences, better retention, and ultimately monetization.”
Felix Krause, Co-Founder & CPO said: “We believe the future of mobile apps lies in their ability to adapt to the real-world contexts of users. We are leading this transformation and delivering on our vision of establishing real-world context as the new gold standard in mobile app engagement to build better apps that users will love.”
ContextSDK’s platform currently offers three core products: Context Insights, Context Decision, and Context Push, each targeting different aspects of mobile app engagement, from analytics and measurement to in-app decisions and push notifications.
The company’s privacy-focused, on-device approach ensures that apps can personalize user experiences without having to collect intrusive data or face heavy infrastructure costs.
David Meiborg, Partner at First Momentum Ventures said, “We were impressed by the depth of ContextSDK’s vision and their ability to execute so quickly, Their approach to using real-world context as a proxy for user intent is not only innovative but also perfectly timed with the growing demand for privacy-first solutions in mobile app development.”
About ContextSDK
ContextSDK is an early-stage startup that is transforming mobile app engagement by leveraging real-world user contexts. By utilizing advanced machine learning executed on device (Edge AI), ContextSDK allows apps to interpret physical signals from a user's environment to deliver personalized experiences without compromising privacy.