Placer.ai has closed its Series B funding round with backing from Fifth Wall, JBV Capital and Aleph VC.
The $50m will be used to grow the company’s R&D, expand sales and marketing teams, introduce additional reports and data sets and grow its recently launched marketplace.
Based in the US and Israel, Placer.ai provides users with foot traffic analytics from 20 million devices, anonymised to generate insights about any location.
For example, users have access to accurate foot traffic counts and dwell time, filtered by time, day and customer profile. Competitive benchmarking allows them to compare their performance against competitors, whether or not they are in the same area.
Josh Buckley, one of the main investors in the latest funding round, said the startup allows offline businesses to tap into the same kinds of tools as online businesses, “moving from hunches to definitive answers”.
Earlier this month, the startup launched a marketplace that allows data analytics providers to layer new datasets on top of Placer.ai’s dashboard. Initially partnering with Experian, Synergos and Spatial.ai, the marketplace will focus on adding advanced demographic and psychographic data to the platform, which means users can access much more detailed information about potential customers.
Placer.ai has more than 500 customers, including JLL and US shopping centre REIT Brixmor. During the pandemic, the startup reported ‘widespread adoption’ from users and it now is looking to expand to new markets including hedge funds and consumer packaged goods.
Noam Ben-Zvi, CEO and co-founder of Placer.ai, said: “As a business deeply rooted in offline retail, we expected COVID to present a unique challenge. Yet, adoption actually increased as a result of our ability to introduce certainty into such an uncertain environment. The result has been a clearer and deeper understanding by the market of the absolute imperative of location data to improve the decision-making process.
“But our current offering is just the beginning, and we are fully focused on expanding the capabilities both through the development of a range of new features and tools, and the integration of a wide range of data sets through our marketplace. Placer.ai is rapidly becoming the market intelligence platform for anyone with a stake in the physical world.”
Last year, PlaceTech featured Placer.ai in a roundup of best retail data tools. You can read the full list here.