AdNear, a location intelligence company, today announced it has raised $19 million from Telstra Ventures and Global Brain as part of its strategic plan to expand into multiple new markets. Both its existing investors, Sequoia Capital and Canaan Partners, also participated in the capital raising round.
AdNear has developed insights from anonymous device users across Asia Pacific using their historical location footprint and real-world offline data. Leveraging these unique insights, the company is able to programmatically send relevant ads to mobile audiences on behalf of advertisers using its proprietary real-time bidding platform. Its client base includes 100s of marquee brands such as P&G, Woolworths, Audi, Unilever, BMW, Ford, Samsung, IKEA, and Adidas.
Mark Sherman, Managing Director at Telstra Ventures said, “Mobile advertising continues to grow rapidly across Asia Pacific. Telstra Ventures recognizes the value that AdNear?s probabilistic, data-driven approach brings to advertisers and we?re excited to be able to provide capital to accelerate the expansion of AdNear?s operations.”
Mark Sherman will now join the AdNear Board of Directors.
Anil Mathews, CEO of AdNear said, ?Our proprietary technology enables us to help major brands across Asia Pacific fine-tune their consumer targeting by having access to real-time location intelligence. Location data-driven insights are extremely powerful and marketers can use these data points to understand consumer behaviour and also build customized campaigns as per their target audience.?
Commenting on the investment, Rahul Khanna, Managing Director of Canaan India, said, ?Over the last year, AdNear has seen a 12x growth in its device user base and we are very excited about AdNear taking its offerings to new markets. ?
In 2012 AdNear closed its Series A round of funding of US$6.3 million from Sequoia Capital and Canaan Partners to support its expansion in the Asia Pacific region and grow the team. It has since been adding approximately 1.2 million anonymous device users daily to its probabilistic profiles database.