Placer.ai Offers Location Analytics And Foot Traffic Capabilities
The company just raised $50 million.
Israeli startup Placer.ai offers retailers location analytics and foot traffic data. This includes actionable insights and location analytics for a retailer’s potential customer base and their competition to be used for the selection a location, or place, for their store. The company just closed a $50M Series B funding round led by Josh Buckley, Todd Goldberg and Rahul Vohra, with participation from Fifth Wall, JBV Capital and Aleph VC.
Founded in 2019 by CEO Noam Ben-Zvi, data scientist Zohar Bar-Yehuda, CTO Oded Fossfeld and CPO Ofir Lemel, Placer.ai has been adopted by over 500 customers including industry leaders in commercial real estate and retail like JLL, Brixmor, Taubman, Planet Fitness, and Dollar General. The upheaval caused by Covid, says the company, has also led to widespread adoption by other categories including Hedge Funds and CPG leaders.
The idea here is rather simple. Retailers make critical decisions every day about a wide variety of issues. These include what to stock, what to no longer offer, what to charge, where to place different items, and so and so forth. But usually these decisions must be made without having any relevant data as to what will work best. So retailers end up doing things based on the trial and error method which can lead to lost sales and opportunities for growth.
Placer provides the needed data by answering the questions of who visits a store, where do they live, or work, what other locations they frequent, what’s my churn rate, where do those lost customers go, and so forth. The company also provides information about competitors too like what are they up to, what do they charge and where are they located.
Placer.ai states that it can provide its clients instant access to location analytics derived from the foot traffic of millions of consumers, delivering visibility into offline behavior. We shed light into churn, trade areas, untapped audiences, out-of-store behavior, and competitive benchmarking.
Thrilled to finally announce the close of our $50M Series B Funding Round! 🥳🎉
— Placer.ai (@Placer_ai) April 27, 2021
“As a business deeply rooted in offline retail, we expected COVID to present a unique challenge. Yet, adoption actually increased as a result of our ability to introduce certainty into such an uncertain environment. The result has been a clearer and deeper understanding by the market of the absolute imperative of location data to improve the decision-making process,” said Placer.ai CEO and Co-Founder Noam Ben-Zvi.
He added that the company will expand its capabilities through the development of a range of new features and tools, and the integration of a wide range of data sets through our marketplace. Calling what it currently offers “just the beginning,” Ben Zvi said that Placer is “fully focused on expanding the capabilities both Placer.ai is rapidly becoming the market intelligence platform for anyone with a stake in the physical world.”