Entering the Next Phase of Growth with 0 Million | Anil Mathews | Near.co | Near - Blog

Entering the next phase of growth with $100 million

We just raised $100 million. Here’s what it means for our next phase of growth.

It’s exciting to share that we have raised US $100 million in fresh funding, one of the largest rounds in our industry. The investment is a testimony to our offering backed by unique data-sets and powerful science, and comes almost 18 months after Allspark became the fastest growing enterprise SaaS product to get to the $10Mn ARR mark.

With the new growth capital, here are our key focus areas:

We are a data platform. And a data platform is always a moving target. We will be making big investments in enhancing the breadth and depth of the data in our platform, and in data science that convert these diverse sets into actionable, accurate intelligence. We’re going to do this by:

Investing deeper in engineering and data science

Currently we use extensive AI and ML efforts across various stages of data transformations and insights generation. To get accurate intelligence on people and places, and in real-time, you need a lot of models to work, together, all the time.

We plan to scale and augment our efforts in, but not limited to, data cleansing, clustering, noise removal, spatial property estimation, data fusion, identity resolution and cohort analysis.

Partnering with companies with complementary data sets to find hidden context

Yes, better data makes everything better. We’ll be partnering with more companies that can help us find the context we don’t have today on people and places. This means accessing data that helps us grow wide, and data that helps us go deep.

To do this across markets, we are working with global as well as regional partners. With the right synergistic partnerships, we can bring immense value to our customers, and help them achieve better business outcomes.

Over the last few years, we’ve made large investments in our data platform, and the key customers for our flagship offering have been marketers – in brands, agencies and enterprises.

Our SaaS product Allspark gives its customers instant access to advanced audience curation and marketing capabilities using real-world data. Allspark makes it very easy to get intelligence on people and places of choice. But, we want to make it better, for our customers to do better. Here’s how:

Make data do more, more power to our customers

We are working on giving more options to our customers to curate audiences. And choice, is power. For e.g. right now we give insights on the audiences that our customers curate, could we swap this and use some of these insights as the starting point of building these personas?

Automation using AI

We plan to make more investments in AI to automate everything, enabling our customers to do more with their time. For e.g. Jeanie, our AI audience assistant that helps automate marketing brief execution. Our goal is to make the product become highly efficient with the most cutting-edge technology available.

Overall, we are looking at nuances of how large and small clients use the product and its features such as exporting data, insights, and reporting etc., and will be working backwards towards providing functionalities our customers wish to see.

Our bigger goal has always been to help our customers get access to better, actionable intelligence. We are constantly listening to them, their challenges. And one of the challenges that came up often was how to unlock the value of their first-party data. So we figured a way to enrich their first-party data with the real world-data in our platform. The results are very promising, and early clients are using these powerful insights for not only making business decisions, but also seeing significantly higher yield on their data assets.

This data enrichment offering called CARBON is an offshoot architected from our core platform, and is a platform on its own. Our vision for CARBON is to evolve to an ultimate data lake based on real-world signals that customers can dip-in to enhance their offerings – an ultimate source of truth. We’ll be pressing the growth pedal on that.

Six years ago, we started from a small office in Singapore, and created a category using a data offering that not many had heard back then. Now with a global presence, and a category that has become mainstream, our challenges have moved towards going deeper in existing markets. We will now be looking at organic as well as inorganic ways to grow in the existing markets as well as open up strategic markets to fuel product adoption.

Privacy and accuracy are strong pillars of our platform, and we always keep them at the centre of all our decisions.

As we move to the next phase of our growth with this investment, I constantly remind my awesome colleagues to not to forget our roots. We will rapidly grow in numbers; whether it’s revenues, customers or people, but what holds us stronger is our culture.

I would like to congratulate the team for this seminal achievement and thank our customers, partners and investors for being part of our growth journey. Super exciting times ahead!