Placer.ai raises $12M to expand location data services

Placer.ai is among the companies seeking to expand in the high-growth industry of collecting location data from mobile consumers, a practice that has alarmed privacy advocates but continues to draw interest from investors, as this news shows. Spending on location analytics is expected to grow to $15 billion by 2023 from $8.35 billion in 2017, Placer.ai said in a study cited by Bloomberg. These businesses can use the information to identify where to rent or buy properties, or to measure the effect of advertising campaigns on consumer behavior such as store visits. In addition to helping businesses identify where to rent properties in areas of high foot traffic, real-time location data can help to boost the effectiveness of ad campaigns, according to a report last year by location data provider Factual. Location-based marketing, which Martin Sorrell, former CEO of ad-holding giant WPP, once described as the "holy grail" for advertising, reaches consumers when they're most ready to shop, dine out or visit an entertainment venue.