Singapore’s Near gets $100m from Greater Pacific Capital
Near, a Singapore-based artificial intelligence (AI) services provider that supports enterprise analytics, has raised $100 million from UK private equity firm Greater Pacific Capital.
Founded in 2012, Near specializes in using data about people’s behavior in the physical world – such as movements, locations, and transaction histories – to inform business decisions. The company claims to have the largest dataset globally of real-world behavior intelligence.
Near says its platform processes five billion events per day and tracks 1.6 billion people. The company claims to prioritize privacy by never storing or dealing with data classified as personally identifiable information. It will use the fresh capital to launch a suite of new products using the existing platform.
The current flagship product, Allspark, focuses on audience curation and marketing automation. It is said to be in use in more than 20 countries. “We are the only company aggregating this quality and scale of data at a global level,” Anil Mathews, CEO of Near, said in a statement. “Allspark has scaled its SaaS [software-as-a-service] revenues faster than anything we have historically seen.”
Ketan Patel, CEO at Greater Pacific, said the company is able to predict and influence behavior, noting that the privacy policy and global footprint would be important drivers of further development of the business. Previous investors include Sequoia Capital, JPM Private Equity, Telstra Ventures, Global Brain, Cisco Investments, and OurCrowd. Clients include News Corp, MetLife, Mastercard and WeWork.
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