Placer.ai, a startup specializing in AI-driven market research using location data, has discreetly raised $75 million, boosting its valuation to nearly $1.5 billion. This development highlights the continued significance of location data in app development and business operations across various sectors.
The company offers location-based analytics to industries such as retail, events, entertainment, consumer packaged goods (CPG), real estate, financial services, and healthcare. By merging AI with anonymized data from third-party apps, Placer.ai provides insights into trends like foot traffic, demographic profiles, and consumer behavior.
The recent funding round, discovered through a Form D filing in July, has been confirmed by Placer.ai’s CEO and CFO. This new investment round places the company’s valuation at $1.45 billion, a substantial increase from its previous $1 billion valuation during the Series C funding round. Existing investors, including GEM Realty Capital, participated in this round.
Placer.ai’s analytics reveal general trends and detailed data, such as who buys what and when. Despite concerns about privacy, the company emphasizes its commitment to privacy by anonymizing data before use. Its SDK, integrated with numerous app publishers, and other third-party sources gather this data.
The company’s cap table includes over 50 investors, such as Josh Buckley, WndrCo, Lachy Groom, MMC Technology Ventures, Fifth Wall Ventures, and Array Ventures. Notably, Placer.ai’s annual revenue run rate surpassed $100 million in February, reflecting an 80% growth over the past year. The company projects a further 60% growth this year and has expanded its customer base to over 4,300 clients, including Sony, Wegmans, and Century 21.
CEO Noam Ben-Zvi explained that the funding will be used for business development and enhancing the platform with additional features and datasets. Founded in 2018, Placer.ai navigated the challenges posed by the COVID-19 pandemic by providing critical insights during a time of restricted physical gatherings.
The company’s continued focus on machine learning and inference has enabled users to integrate more AI into their workflows, making Placer.ai a valuable resource for comprehensive market research.
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By Proptechbuzz
By Ravi Kumar
