Posted on July 18, 2019 by staff

AI-powered data intelligence firm Near raises $100m


A London headquartered private equity firm has provided $100m in funding to AI-powered data intelligence specialists Near.

Greater Pacific Capital (GPC) provided the funds, which follow the launch of its SaaS product, Allspark.

Founded in 2012, Near is headquartered in Singapore with offices in key international cities.

The latest round brings the firm’s total funding to $134m, having already received backing from Sequoia Capital and JP Morgan.

The firm processes the data of 1.6bn monthly users across 44 countries, for major clients including News Corp, MetLife, Mastercard and WeWork.

“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,” says Anil Mathews, founder & CEO, Near.

“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.”

“We are a rare example of a true SaaS business focused on generating long-term customer value and sustainable revenues. Our product Allspark has scaled its SaaS revenues faster than anything we have historically seen.”

GPC chief executive Ketan Patel added: “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.”