While there are plenty of companies offering data about physical areas, SafeGraph CEO Auren Hoffman stated his start-up is “among the few business to offer this data to information science teams.”
For the a lot of part, place information has actually typically been sold to online marketers, and Hoffman said, “In the marketing world, if your information resembles 40% or 50% real, that’s in fact remarkable.” That does not cut it for the information scientist who needs to utilize it to construct complex models and algorithms.
SafeGraph takes what Hoffman explained as a “really, very rigorous technique,” crawling and merging data like organization listings, foot traffic and structure polygons from 20,000 sources. He likewise noted that while other companies treat this information as “an exhaust that they offer on the side of their core service,” it represents “100%” of SafeGraph’s profits.
Hoffman told me that SafeGraph’s consumers are using its information in sectors as differed as GIS/mapping, regional search, financial services and logistics. Clients include investment firm Ares Management, food circulation business Sysco and Option Hotels– in a declaration, Sysco’s senior supervisor of market, customer and competitive intelligence Ben Anderson explained SafeGraph as “the most actionable and detailed POI dataset.”
The startup likewise states that its information is being used by more than 7,000 data scientists and has been cited in more than 300 scholastic papers.
Image Credits: SafeGraph Today, SafeGraph announced that it has actually raised$45 million in Series B funding led by Sapphire Ventures, bringing its overall financing to$61 million. Previous financiers including Alex Rosen of Ridge Ventures, DNX Ventures and Peter Thiel likewise took part.
“What stands apart about SafeGraph is how they have actually had the ability to rapidly place themselves into a significant player in the geospatial information market,” stated Sapphire Partner Cathy Gao in a declaration. “By singularly concentrating on supplying the highest-quality places information to information science groups, they have actually made the trust of some of the largest public and private institutions.”
Hoffman kept in mind that the startup has actually been “very cash efficient,” only losing $3 million over the past 2 years, and that it raised the funding simply to “grow much quicker.” Development strategies include global growth– SafeGraph has actually been concentrated on the United States and Canada so far, with a U.K. launch prepared in April– as well as possible acquisitions.
He added that especially with the pandemic requiring lots of companies to close or change their hours, “having actually accurate information is going to be a lot more vital in a post-COVID world.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.