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Placer.ai raised funds worth $12 million in its Series A round of financing to expand sales and data capabilities. JBV Capital led the aforementioned round.
FREMONT, CA: A location data company, Placer.ai raised funds worth $12 million in its Series A round to expand sales and data capabilities. JBV Capital led the Series A round, and the other investors included Aleph, Reciprocal Ventures, and OCA Ventures.
Placer.ai, the California-based company provides data and analytics for retail business owners, brokers, and retailers offering strategic insights into offline consumer behavior.
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The data is mostly derived from shoppers’ smartphones and is utilized to understand the traffic patterns and the demographics within a limited geographic area, for instance, a shopping center or a city block. “a lot of shopping center owners use it to decide about buying and selling, [operators] use it to inform staffing decisions, leasing departments will use it to convince tenants to locate there,” said Noam Ben Zvi, the CEO and Co-founder of Placer.ai.
The company’s November report showed that the visits to Essex Crossing in the Lower East Side crossed over 550,000 visitors just for July 2019. The locals accounted for more than half of the shoppers at the property compared to the 22.5 percent of visitors at Hudson Yards, noted the report.
The software designed by Placer.ai already includes a range of data inputs; the new funding will be utilized to add additional data sources, according to Ben Zvi. This database provides credit card, weather, and psychographic data, which divides the shoppers based on their lifestyle, further segregating the information into categories such as soccer moms, artists, or gamers.
Placer.ai is one of those data startups that provide insights to real estate owners and operators, especially in the field of retail, such as Carto and Locate.ai. The data will assist the mall landlords in figuring out the tenant position of a property, if an owner renews the store’s lease, or if a retailer opens up a new outpost.
Placer.ai was materialized in 2017, after which a year-and-a-half was spent in stealth mode as they were working towards the product launch in October 2018. The company has dual headquarters, one in Santa Cruz, California, and another in Tel Aviv. Placer.ai employs about 80 people, up-scaling from 30 people a year ago. It received $4 million in seed funding, totaling the funds raised to $16 million to date.
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