Placer.ai, the California origin Location data company, reported that it had received $50 million in the Series B funding round. The announcement took place on the 27th of April, claiming that the new funds have been generated after boosting the business 3x times in 2020.
Placer.ai's main consumer segments in retail and commercial real estate have had a challenging year, putting the firm at a loss. However, the foot traffic and location analytics venture saw expansion in new markets, such as consumer packaged goods (CPG) and hedge funds that utilize its technology for proper research. The Product Hunt's CEO, Josh Buckley, along with angel investor Rahul Vohra (Superhuman's CEO) and Todd Goldberg, backed the round. Aleph VC, Fifth Wall Ventures, and JBV Capital were also present.
The CEO Noam Ben-Zvi stated that the funds would be put to use in expanding the company's research and developments as well as sales and marketing groups. Some portion of the amount will help to increase its sets of data to its offerings. Its most recent investment round was a $12 million Series A round announced in last year's January.
Placer.ai gathers geolocation and proximity information from devices whose users have agreed to share it and then compiles the data to build unidentified customer profiles. Lodgings, shopping malls, offline retail companies, and other brick-and-mortar companies have been Placer's main customers since its advent.
They use it to monitor foot traffic that leads to their effectiveness of marketing strategies and location reliability. Noam predicted that the COVID-19 pandemic would be difficult for his business because people would avoid shops and instead shop online. Nonetheless, Placer.ai's technology has gained prominence in many new industries, namely CPG and hedge funds. It is steadily growing in the retail and commercial housing market as corporations plan for the future. Clients in the consumer packaged goods industry use the company's software for market research, optimizing category management or advertising tactics, and monitoring product results. Since more retailers, such as direct-to-consumer labels, launch their private outlets, Ben-Zvi expects his CPG customer base to expand.
Noting the firm's hedge fund clients, Noam states that his platform helps them study possible investments. Investors can easily recognize cues that refer to a store's true offline health because data is concurrent, accurate, and precise. He promises to deeply analyze the qualitative data component of Placer's that enables strategic approaches. Ben-Zvi also estimates that the nearby scenario is going to be turbulent. At the same time, the data will play a central role in securely managing the evolving world and guiding successful decision-making. Private real estate owners must ensure that the tenant mix in their properties is desirable enough to attract customers and realize how they compare to rivals. Some retailers are concentrating on development, while others are experimenting with new ideas and formats.
Placer was set up five years ago by four brilliant minds: Noam Ben-Zvi, Ofir Lemel, Oded Fossfeld, and Zohar Bar-Yehuda. It serves the purpose of offering its customers real-time data to assist them in making decisions such as where to rent or purchase assets, when to conduct advertisements, as well as how to handle properties. To date, the firm has 500 clients comprising Taubman, Dollar General, Planet Fitness, Brixmor, and JLL. Besides delivering solutions to CPG, brokerage organizations, shopping centers, and retailers, it also delivers municipality services, finance and hospitality. The organization currently employs 160 people in Silicon Valley and Israel, with aims to double that number. The company intends to expand its technical staff from 50 to 100 employees. Placer unveiled “Marketplace” earlier in April, allowing third-party data sellers to connect to its website.