AI firm Near raises $100m to fund new products and expansion
Near, the platform that uses AI to make real-world data actionable, has raised $100 million in a new round of funding.
The investment comes from London headquartered private equity firm Greater Pacific Capital (GPC).
With this fresh investment, Near has raised a total of $134m to date, including from Sequoia Capital and JP Morgan.
The Near platform has the largest data-set of people’s behaviour in the real-world. Brands, enterprises and publishers can use location, transaction and other unique real-world signals from over 1.6 billion users in the platform for data enrichment and marketing, in a privacy-led environment.
"We are humbled that we were able to close one of the largest rounds in our industry. It is a testament to our offering backed by unique data-sets and powerful science,” said Anil Mathews, Founder & CEO, Near.
New data products
“With the new funds, we will be launching a suite of new data products, powered by the core platform.
“Further, the funds will not just help us strengthen our position in the existing markets, but also to open up key strategic markets.”
Near has seen significant traction and growth since the launch of its flagship SaaS product, Allspark, first of its kind in the industry, that enables end-to-end marketing automation for clients and partners across 20+ countries.
“We are a rare example of a true SaaS business focused on generating long-term customer value and sustainable revenues”, Mathews added.
“We are the only company aggregating this quality and scale of data at a global level. Our product Allspark has scaled its SaaS revenues faster than anything we have historically seen.” Mathews adds.
Human behaviour analysis
Ketan Patel, CEO, GPC, commented, "Near provides insights into human behaviour by analysing where people are, and combining that with a multitude of data points to predict and influence behaviour.
“Given it does this across the globe in a privacy protected manner, it is well-positioned to create an exciting new space that delivers value to both people, and those that wish to build relationships with them.”
Near makes it seamless for its users to use their first-party data, and real-world data to deliver superior customer experiences. With its global presence across USA, Europe and Asia-Pacific, Near is the only true global player in the industry.
Key brands such as News Corp, MetLife, Mastercard and WeWork work with Near to leverage continuous, accurate and easy to access intelligence on people’s behaviour in the real-world.
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