Placer.ai, a company developing artificial intelligence tools to analyze location data, has quietly raised $75 million in a new funding round. This investment comes at an increased valuation of nearly $1.5 billion for the startup, representing a nearly 50% jump from their previous raise.
Founded in 2018, Placer combines anonymous mobile location data with machine learning algorithms to provide insights into consumer behavior and trends. The startup works with over 4,300 customers across industries like retail, real estate and healthcare to understand foot traffic patterns, competitor performance and customer demographics.
We learned of the funding details through a recent filing noting Placer's plans to raise $75 million. TechCrunch confirmed the full amount has been secured, resulting in a valuation of $1.45 billion for the company. This influx of capital underscores the value businesses see in location intelligence to make data-driven decisions.
Placer's tools analyze broad patterns as well as granular purchase data while maintaining user privacy. The startup sources anonymous data through SDK integrations with hundreds of apps and other third-party sources. Customers can then access metrics through Placer's platform to guide decisions around market expansion, competitor benchmarking and more.
Revenue has grown significantly, with Placer surpassing an annual run rate of $100 million in February 2022. The company expects 60% year-over-year growth with over 4,300 customers now onboard. This new round was led by existing backers and will fuel further business development and product enhancements.
Despite early concerns, Placer saw demand surge during the COVID pandemic as location data provided visibility into shifting consumer behaviors. Looking ahead, the startup will continue leveraging AI to build robust user profiles and deliver comprehensive market insights through their self-service analytics platform.
