[Funding alert] Singapore-based AI startup Near raises $100M to roll out new product offerings

Singapore-based AI startup Near on Tuesday said that it has raised $100 million as a part of its latest funding round from London-based private equity firm Greater Pacific Capital (GPC). 

In a statement, the startup said that it will be using the funds to launch a new suite of data products and expand into strategic markets. 

Founded in 2012, Near has raised a total of $134 million till date, and counts Sequoia Capital and JP Morgan as its investors. The Near platform offers data-driven marketing and enrichment insights through a suite of SaaS products. The platform allows users to leverage audience, spatial, retail, among other data, in a privacy-led environment.

Commenting on the fund raise, Anil Mathews, the Founder and CEO of Near, said,

“With the new funds, we will be launching a suite of new data products, powered by the core platform. The funds will help us strengthen our position in existing markets and enter key strategic markets.”

The startup has its technology and R&D centre located in Bengaluru. In 2017, Near launched Allspark, a SaaS product that enables end-to-end marketing automation for clients and partners across more than 20 countries.

While, Ketan Patel, CEO, GPC 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.”  

Near counts organisations including News Corp, MetLife, Mastercard and WeWork as clients who leverage the company’s platform. The startup also has a global presence across the US, Europe, and Asia Pacific including offices in San Francisco, New York, London, Tokyo, and Sydney.

(Edited by Evelyn Ratnakumar)

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