The Israeli unicorn club now includes Placer.ai, a startup that offers retailers location analytics and foot traffic data. Placer.ai hit unicorn status Wednesday with the completion of a $100 million Series C financing round that gave it a company valuation of $1 billion.
Placer.ai is the fourth Israeli startup to join the Israeli unicorn club so far in 2022 and the year is only 12 days old. On Tuesday, cybersecurity startup Pentera joined the Israeli unicorn club. And Israel’s Paradox was the first unicorn company in 2022.
Israel is not called Startup Nation for nothing.
Founded in 2019 by CEO Noam Ben-Zvi, data scientist Zohar Bar-Yehuda, CTO Oded Fossfeld and CPO Ofir Lemel, Placer.ai has been adopted by over 500 customers including industry leaders in commercial real estate and retail like JLL, Brixmor, Taubman, Planet Fitness, and Dollar General. The upheaval caused by Covid, says the company, has also led to widespread adoption by other categories including Hedge Funds and CPG leaders.
🥳 We’ve raised a $100M Series C Funding round! We are so proud of where we’ve taken the product already and can’t wait to continue improving and bringing our customers the most accurate & up to date foot traffic insights out there 🎉 pic.twitter.com/VQv5w5BChH
— Placer.ai (@Placer_ai) January 12, 2022
The idea here is rather simple. Retailers make critical decisions every day about a wide variety of issues. These include what to stock, what to no longer offer, what to charge, where to place different items, and so and so forth. But usually these decisions must be made without having any relevant data as to what will work best. So retailers end up doing things based on the trial and error method which can lead to lost sales and opportunities for growth.
Placer provides the needed data by answering the questions of who visits a store, where do they live, or work, what other locations they frequent, what’s my churn rate, where do those lost customers go, and so forth. The company also provides information about competitors too like what are they up to, what do they charge and where are they located.
Ben-Zvi said, “Placer experienced significant growth during 2021 as a consensus formed across the market that accurate, reliable consumer behavior analytics is indispensable to brick and mortar decision-making. Yet, location analytics is just the foundation for a much broader and more comprehensive vision. With this funding, we will accelerate the development of the Placer.ai platform, adding an unprecedented range of new data sets – such as vehicle traffic, planned construction, web traffic, purchase data, and much more – as well as more advanced solutions to empower any professional with a stake in the physical world to make better decisions, faster than ever before.”