Location analytics company Placer.ai has successfully completed a $100 million USD funding round, giving the company a total valuation of $1 billion.
The company, founded in 2018, runs a platform that allows businesses to monitor foot traffic at a specific location in order to track the performance of that site.
Placer's services are currently used by major companies such as BJ's Wholesale Club, Grocery Outlet; real estate companies Regency Centers, Taubman and JLL; food company Tyson Foods; and gym chain Planet Fitness.
The recent Series C funding round included Josh Buckley and WndrCo, Lachy Groom, MMC Technology Ventures LLC, Fifth Wall Ventures and Array Ventures, as well as real estate investors and owners J.M. Schapiro of Continental Realty Corp, Eliot Bencuya and Jeff Karsh of Tryperion Partners, Daniel Klein of Klein Enterprises/Sundeck Capital and Majestic Realty.
Placer's CEO and cofounder Noam Ben-Zvi said the company plans to use the new funds to expand its capabilities to track new data sets including web traffic, vehicle traffic, purchase data and construction.
The company has grown significantly in 2021, with demand for its services far exceeding its expectations, Ben Zvi said. "We see a powerful opportunity to continue partnering with Placer to improve the way decisions are made in the physical world, fundamentally improving the way these businesses and organizations operate."