Singapore-based AI intelligence platform Near raises $100m in funding

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Singapore-headquartered artificial intelligence (AI) platform Near, which is backed by Sequoia Capital and JP Morgan, has raised $100 million in a new round of funding, two years after its last disclosed fundraising.

The latest funding comes from London-headquartered private equity firm Greater Pacific Capital, the company said in a statement. With this, Near has now raised total funding of $134 million to date.

Founded in 2012, Near claims to be the largest source of intelligence on people and places, processing data from over 1.6 billion monthly users across 44 countries.

Brands, enterprises, and publishers can get a quick view of what their customers around the world are doing on a given day in a “privacy-led environment”, giving companies the idea on what marketing tools and services to offer.

Its flagship SaaS product, Allspark, enables end-to-end marketing automation for clients and partners across more than 20 countries. Near said it has seen significant traction and growth since the launch of Allspark.

“We are the only company aggregating this quality and scale of data at a global level. Our product Allspark has scaled its SaaS revenues faster than anything we have historically seen,” said Near founder and CEO Anil Mathews.

Among its clients are News Corp, MetLife, Mastercard, and WeWork, which leverage “continuous, accurate, and easy to access” intelligence on people’s behaviour in the real world.

Mathews said the $100 million round is one of the largest rounds in the AI industry. The fresh investment will pave the way for the company to open up in key strategic markets, he added.

“It is a testament to our offering backed by unique data-sets and powerful science. With the new funds, we will be launching a suite of new data products, powered by the core platform,” Mathews said.

Near last raised an undisclosed amount in its Series C round in 2017, backed by Cisco Investments and OurCrowd. In 2014, the company bagged $19 million from Telstra Ventures and Global Brain as a part of its strategic plan to expand into multiple new markets.