Location Precision: The Good, The Bad And The Ugly

Posted in Blog, News, PlaceIQ

Jonathan Lenaghan
By Jonathan Lenaghan

Originally Published in AdExchanger“Data-Driven Thinking” is written by members of the media community and contains fresh ideas on the digital revolution in media. Today’s column is written by Jonathan Lenaghan, head of data science at PlaceIQ.

There’s been a lot of talk lately about “precision” and “accuracy” in the world of mobile marketing. But it’s becoming clear that the pressure to pinpoint high-quality mobile location data is blurring the line between what is good and bad, and realistic and unrealistic.
Here is a little context to help set the record straight.

While it’s true that the degree of precision determines the speed and relevance of mobile ad delivery, in some cases, bigger is not necessarily better. And when it comes to hyperlocal, smaller is not necessarily better, either. This means that some location points, which may sound hyperlocal in theory, can actually mislead or confuse mobile marketing clients.

Latitude And Longitude

Consider the digits or decimals to which location signals are gathered. It works like this: Latitude and longitude (lat/long) figures represent the point on a map where a location sensor is picked up. The decimal places of that lat/long figure indicate the size of the fence surrounding that data point. Two decimals equate to a 1.1 km x 1.1 km fence, or roughly two-thirds of a mile. Three decimals equate to a 100 m x 100 m tile, which is roughly the size of a city block. Four decimals zoom in to 10 meters, which is where the line is drawn between good and bad data.

While a location data company is capable of capturing five, nine or even 12 digits, that doesn’t mean it should. Five decimals hone in on a 1 m x 1 m meter space, at 8 decimals (1 mm x 1 mm) you’re looking at an ant, and when you reach 12, it’s plain ugly. Twelve decimals gets you accuracy somewhere between a micrometer and a nanometer, which has no applicability in mobile advertising. It is (almost literally) splitting hairs.

Don’t aim for these hyperlocal levels of accuracy. They are not only ludicrous from a location technology point of view, they are also computationally infeasible to execute given the latency requirements found in today’s real-time bidding environments, not to mention the lack of consumer willingness to wait for application or page loads on their mobile devices.

Think about the time it takes the GPS on your smartphone to determine your location or find your destination. If a marketer is trying to determine the location of a smartphone on the move,which has a GPS accuracy of 3 meters at best, then 10 meters or four decimal places in lat/long is as accurate as you can get.

Four decimal places is usually the sweet spot. Precise location signals can be dependably gathered at ad tech speed within 100 m x 100 m, which requires no more than four decimal places. While 100 meters may place a device in a few locations (if the area is dense), applying time of day to the tile greatly improves the precision. And for a majority of less dense areas, 100 meters produces data that is quite unique and accurate.

The Right Strategy

When trying to determine whether the money you put into a mobile ad campaign is buying good, bad or ugly data, you’ll want to make sure that the strategy being used to gather location data sensors is close enough to target devices in specific stores, rather than a shopping complex or general area.

The strategy should also be designed to accurately determine behavior trends in desired users. Underpinning the strategy should be logic that can be consistently applied across the United States.

Mobile advertising is about using best-case accuracy to serve low-latency, highly relevant marketing messages to targeted audiences. Don’t get lost in the numbers.

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iOS 8 Update: A Privacy Win for the Location Data Ecosystem

Posted in Audience Series, Blog, News

PlaceIQ’s Audience Series sets out to highlight the importance of segments in the advertising world. As the pioneer of mobile’s application to location intelligence, and leaders in the mobile audience field, PlaceIQ has the knowledge you need. Key audience experts from each PIQ department — from engineering, to data science, to sales — will tackle topics to give a 360-degree view on this vast, ever-changing industry.

Drew Breunig
By Drew Breunig

At their developer conference during the first week of June, Apple announced many changes coming in iOS 8. One of the changes regarded how a device’s MAC address is communicated to WiFi access points.

PlaceIQ doesn’t use MAC addresses to identify devices, and we welcome this change because it protects consumers and reduces potential privacy risks. As it currently stands, MAC address tracking via WiFi is not an opt-in experience and cannot be opted out from.

If you’d like to understand more, including how this works, whom it affects, and why PlaceIQ welcomes the change, read on. Fair warning: it might get a bit nerdy.

So What’s a MAC Address?

A MAC address is a hardware-based identification number, provided by any device that connects to a network. Hardware-based identifiers are read-only, meaning they can never be changed. They are written to the physical network chip in each device. When a device connects to a router or WiFi network, the device is identified by its MAC address for the duration of its connection. This allows the right traffic to be sent to and from your phone, PC, or TV regardless of how many devices are connected.

When your device is in your pocket or purse, it is regularly looking for a known WiFi network to join. This way, when you pull out your phone at home or at work it’s already connected and ready to go. But as your phone searches for WiFi, it is broadcasting its MAC address to WiFi access points within range. It’s part of the handshake devices engage in to recognize each other.

Recently, a few companies have developed WiFi hubs that remember the MAC addresses they see. They log your device as it scans for a hub, whether or not you join the WiFi access point. These companies have installed these logging WiFi hubs in many places, allowing them to compare visitors as they move from place to place, without their knowledge.

Even if people were informed that their devices were being monitored, the only way to prevent this type of tracking is to turn off WiFi completely. That’s a rather extreme step.

Finally, there’s a difficulty with hardware-based identifiers. The mobile advertising industry, including big players like Google and Apple, has worked hard to move away from hardware-based identifiers as much as possible. Software-based identifiers, like Apple’s IDFA, can be reset by users or blocked entirely. Hardware identifiers will not change for the life of the device. If there is a data leak and a malicious source obtains a hardware-based device identifier, the only way to ensure you will not be affected is to buy a new device.

A Privacy Challenge

So Apple was faced with a challenge: their users’ devices were being logged without their knowledge, without their consent, all while using a hardware-based identifier. Apple’s adherence to standard network practices – broadcasting MAC addresses to WiFi hubs – created an environment where this situation could occur. So Apple made moves to change that standard practice.

Starting in iOS 8, iPhones, iPads, and iPod Touches will broadcast random MAC addresses. In Apple’s words, “The MAC address for WiFi scans may not always be the device’s (universal) address.” Companies that log MAC addresses won’t be able to connect individual visits to a single device. They’ll know someone is there, but not where else they’ve gone.

Some have suggested that this move is a play to get more people using Apple’s own iBeacon API. This may be true. But iBeacons are much more user friendly. To see a company’s iBeacons, users must install an associated application and grant it the appropriate location permissions. Applications that use iBeacons are opt-in and users are always able to opt-out by managing their location permissions in their device settings.

The Right Move

iOS has a history of protecting user privacy and providing access controls. In fact, this isn’t their first big MAC address change. Last year they blocked applications from accessing the MAC address. And this wasn’t their only update to location privacy this year: with iOS 8, Apple is introducing much more explicit background location access controls.

Overall, I believe Apple’s decision to randomize MAC addresses is a win both for users and the location data ecosystem. They provide a managed space where developers can innovate without overstepping user expectations.

As a growing number of applications use location in more diverse ways than ever before, they can now do so in an environment where users still retain control.

CRO’s Amazing Ride with PlaceIQ: Stepping Back, but Not Away!

Posted in Blog, News, PlaceIQ

Duncan McCall
By Duncan McCall

As we start another busy week here at PlaceIQ, I have some personnel news I wanted to share. After a truly amazing stint building out and leading our sales team, Tony Nethercutt, our fearless CRO, will be stepping back from a full-time role.

At the start of Q3, Tony will shift his role to that of CRO Emeritus and continue to be an employee and advisor to the company, while becoming less involved with the day-to-day operations. He will continue to help us recruit talent and advise the sales teams, and, of course, attend our various company events – no doubt with cowbell in hand!

We were very lucky to convince Tony to join us at PlaceIQ, as he was already thinking hard about stepping back before he came aboard. As we all know, Tony has had a truly incredible, hard-charging career with companies such as Yahoo, AdMob, YouTube and others – and has achieved many of the objectives he set out to here at PlaceIQ. He has more than earned the opportunity to slow down a bit and take some time to figure out what’s next for him and his family.

In Tony’s own words:

What an amazing ride I’ve been on with you at PlaceIQ—I couldn’t have made it up if I tried. As Q3 begins, I will shift my role to that of CRO Emeritus at PlaceIQ (there is a funny story about this title…just ask me…and I will tell you). I will continue to be an employee and an advisor to the company, but less involved with the day-to-day. I’ll also continue to help recruit new sales management, regional sellers and advise our sales team (thank you, and everyone else at the company, for 5 straight quarters of exceeding goal… you done yourself proud).

I’m very grateful on so many levels for everything we’ve been able to accomplish together at this company and I plan on giving back—big time. Most who know me know that I could never bring myself to use the “R” word. So I won’t. I’ve said many times in the past that PlaceIQ would be my last stop, but it’s not the end. I’m going to continue to enjoy the best of what we’re building here (thank you Exec team for encouraging me to stay involved), my digital investments and advisory positions, have more direct charity involvement, and also take the opportunity to experience more of “life” in general.

You can all still easily reach me at tony@placeiq.com. I may need your help to break me into the next phase of my life—my wife is pretty sure that I’ll struggle without the constant email. ;) I know that there are many more great things in the future for PlaceIQ and its people – and I’m so honored to have been a part of its growth and thankful that I will continue to be! I’ll be with you at the finish line, wherever and whenever that may be.


tony

We are extremely fortunate to have had Tony’s talents applied here, and we are also very lucky to be in such a strong position as we grow past 115 odd people, continue to beat our revenue targets, and roll out market-defining new products. There’s never an ideal time to step back, but going out on a high note is an incredible place to be!

Remember, Tony is not going away — he will continue to be involved in the company and at our events, where I am confident that he will continue to tear up the dance floor (in pirate garb or not!) and bring his incredible energy and enthusiasm to the proceedings. Still, we will certainly see him less frequently… so I am sure you’ll all join me in ringing the cowbells long and hard and thanking Tony so much for everything he has done for us to date, and will continue to do in the future!

Thanks,
Duncan

PlaceIQ’s PIQonomics Report Featured in USA TODAY

Posted in Blog, News

PlaceIQ’s Winter PIQonomics Report titled “The Impact of Baseball” was featured in USA TODAY Snapshots, a statistical graphics feature in the daily national newspaper.

The graphic highlighted some of the most interesting superlatives from PlaceIQ’s most recent report, which analyzed the behaviors of audiences which attended Major League Baseball (MLB) games by connecting the location histories of mobile devices in the stadiums with PlaceIQ’s location intelligence platform.

Published fan demographics included:

  1. Wealthiest: San Francisco Giants
  2. Most College Students: Boston Red Sox
  3. Most Hispanic Fans: Miami Marlins
  4. Most Millennial Fans: Chicago Cubs

Check out the full MLB PIQonomics report here!
USA Today Snapshots

PlaceIQ to Participate in New York City Industry Events to Kick Off December

Posted in Blog, News

NEW YORK, NY – PlaceIQ, the company building more accurate audiences with location, time and real-world behavior, announced today that members of the company’s leadership team will be speaking at two upcoming events in New York, NY on Tuesday, December 3; the first for chief financial officers of New York City-based technology companies and the second on how retailers can more effectively leverage mobile and location data to engage their audiences.

Scott Casey, PlaceIQ’s chief financial officer, will lead a discussion during the Silicon Alley Technology Roundtable, hosted by J.P. Morgan, for New York technology companies’ chief financial officers on Tuesday, December 3. An invite-only event for a select group of chief financial officers, the conversation will revolve around the opportunities and challenges facing fast-growing technology companies, including key tax planning considerations for tech executives and the 2014 IPO climate. In addition, participants will also have the opportunity to hear from J.P. Morgan Investment Bank and Chase Commercial Bank representatives about trends in the rapidly-changing sector.

The afternoon of Tuesday, December 3, Drew Breunig, PlaceIQ’s VP of strategy, will participate on a panel at 4:30 PM ET during Mediabistro’s Inside Mobile Apps Conference — “Mobile Apps: Transforming the Shopping Experience.” Breunig will draw upon his decade of experience working with agencies and their clients specializing in big box retailers and national brands to share insight into how retailers can more effectively leverage mobile and location data to define their audiences. Inside Mobile Apps is taking place at The New Yorker (481 Eighth Avenue) and brings together leading developers, industry luminaries, and thought leaders for two days of in-depth insight, analysis, and opinion on the key areas defining the mobile and social app ecosystem. To register for this event, please visit: www.mediabistro.com/insidemobileappsconf/.

PlaceIQ Patent Validates Innovative Approach to Mobile Targeting

Posted in Blog, News

PlaceIQ’s Audience Series sets out to highlight the importance of segments in the advertising world. As the pioneer of mobile’s application to location intelligence, and leaders in the mobile audience field, PlaceIQ has the knowledge you need. Key audience experts from each PIQ department — from engineering, to data science, to sales — will tackle a new topic to give a 360-degree view on this vast, ever-changing industry.

Steve Milton
By Steve Milton

For the past four years, PlaceIQ has been immersed in the emerging world of the “mobile consumer.”

Smartphones and tablets are being adopted at a mind-boggling rate, resulting in a large percentage of the population carrying these devices with them throughout their day. Most importantly to us here at PlaceIQ, these devices have a growing set of sensors that record user activity with amazing detail – location being one example.

The potential of this data set is what sparked the idea for PlaceIQ to contextualize the relationship between places, time and people, and more specifically, behavior, preferences and intent. From the beginning, we set out to respect individual privacy while developing meaningful insights. We were recently awarded our first patent for our efforts in creating audiences from location histories.

It is exciting to validate some of the many innovative approaches we have developed. Reading patents can be very laborious, so I’ll summarize the nature of our invention below.

PlaceIQ has developed one of the most detailed and accurate GIS databases commercially available. We ingest hundreds of millions of data points describing a huge diversity of places in our North American data set. Each location is contextualized with a large, varied set of data, ranging from business name and type, to event listings, to TV viewing preferences, and so on. Our raw database contains more than half a trillion data points.

All of this information is mapped into one billion 100m x 100m tiles, allowing us to create rich profiles for specific places. Tiles are our method for providing structure to this very large and complex set of data. Without this structure, it would be very difficult to identify valuable relationships among the various data sets.

Though a reasonable data set for computation, it is still a daunting task for quality assessment and ultimate prediction modeling on top of the data. So our next step is to classify tiles.

We have built hundreds of rules to draw out each tile’s characteristics. Finally, we use resolution to refine these models.

Regardless, some tiles remain noisy and are filtered out for downstream use. As you can imagine, this is a continual process as we onboard new data sets and evaluate the quality of our predictions. The result is a powerful product we call PlaceContext.

Our early experiences using PlaceContext to serve mobile ads demonstrated the power of location in reaching consumers effectively on mobile devices. Our data science team was able to quickly create heuristics to predict specific audience affinities to given tiles, days, and times. The results were consistent and compelling.

The next step for us was to try to understand broader consumer behavior. Through our work in mobile advertising we have been exposed to huge location data sets that identify unique devices without exposing personal information related to that device. This allows us to build anonymous location, day, and time histories for each individual device.

We ingest over 20 billion signals each month, and this is growing quickly. By intersecting these data sets with our PlaceContext database, we are able to rapidly augment the location histories of these devices.

From these data histories, we found that most people are creatures of habit, and that over the course of several months, we can identify primary demographic and psychographic characteristics with very high confidence. The types of characteristics we predict range from “avid golfer” to “chief household officer” and beyond. We have now developed hundreds of these characteristics for marketers to utilize in targeting and analytics. And, most importantly, we are able to develop these without understanding or collecting personally identifiable information.

This capability provides a very accurate and robust way for our customers to understand and reach their mobile audiences with confidence and relevance. We currently have over 100 million devices with high confidence segmentation, and the number of devices and attributes are growing daily.

We are working on several other groundbreaking technologies to further enrich and complete our understanding of consumer behavior, such as connecting the mobile audience to other digital mediums.

We are also starting to expose our PlaceContext product to customers so that they can build their own predictive models for their proprietary data.

The most exciting and rewarding thing about working at PlaceIQ is the opportunity to work with highly innovative customers and some of the brightest software and data technologists in the industry.

PlaceIQ’s Audience Series sets out to highlight the importance of segments in the advertising world. As the pioneer of mobile’s application to location intelligence, and leaders in the mobile audience field, PlaceIQ has the knowledge you need. Key audience experts from each PIQ department — from engineering, to data science, to sales — will tackle a new topic to give a 360-degree view on this vast, ever-changing industry.

PlaceIQ Expands Leadership Team Following 370 Percent Overall Employee Growth in 2013

Posted in Blog, News

NEW YORK, NY – PlaceIQ, the company building more accurate audiences with location, time and real-world behavior, today announced that it has named Jason Shao as VP, engineering, Elise Neel as VP, data and insights, and Jim Ryan as RVP, sales. Shao, Neel, and Ryan are three of the latest additions to the PlaceIQ employee roster, which has increased by 50 names in 2013 — an overall growth rate of more than 370 percent. Each has been tasked with the efficient management of internal teams and processes that are responsible for successful customer campaigns. PlaceIQ currently has more than 30 positions open across sales, operations and engineering. In 2014, the organization plans to increase headcount further, doubling in size by year-end.

In his role as VP, engineering for PlaceIQ, Shao will manage the company’s engineering talent, technology, and systems. Previously, he served as VP, technology for PulsePoint, where he oversaw the creation and launch of one of the market’s first real-time bidding (RTB) exchanges. Shao and his team also integrated PulsePoint’s proprietary audience mapping technology across the company’s programmatic offerings, as well as led the development and adoption of the OpenRTB standard. He spent the early years of his career engineering technology solutions for CampusEAI and his alma mater, Rutgers University.

Neel, a highly respected industry expert with more than 12 years of executive leadership experience, will ensure PlaceIQ’s clients have the resources and tools that they need to transform marketing intelligence into global business results as VP, Data and Insights. In her previous position as SVP, sales for comScore’s Big Data platform, Digital Analytix, she and her enterprise sales team significantly expanded the business analytics revenue on behalf of top media, publishing and technology clients. Over the course of her career, Neel has managed and grown global accounts, expanded product lines, built businesses and managed P&L all while driving the type of client satisfaction that results in lifetime customers.

With a background in sales and identifying opportunities for brand advertisers with the mobile and wireless industry, Ryan joins PlaceIQ as RVP, sales in Detroit, Michigan, where he will supervise the sales team and customer service in that region. Previously, as RVP for Millennial Media, Ryan was responsible for multi-million dollar revenue generation across the company’s top-100 advertiser client base while overseeing the opening of a Detroit office. Prior to that, Ryan held customer, media, and partner-facing roles across agencies including Publicis, Starcom Worldwide, J. Walter Thompson, and Carlson Marketing Group. As an advocate of mobile advertising, Ryan was an early adopter of technology as a means to quantify advertising investments.

“PlaceIQ has scaled significantly as more major brands have begun to work with us this year to better understand and engage their target audiences by leveraging our technology,” said Duncan McCall, CEO and co-founder of PlaceIQ. “Jason, Elise, Jim, and all of the valuable employees whom we’ve brought on represent our inside-out approach to ensuring that we continue to deliver for our clients and are prepared for an even more successful 2014.”

To learn more about available positions at PlaceIQ, visit: http://www.placeiq.com/careers/

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PlaceIQ Introduces PreVisit and PIQ Analytics, Delivering Deeper Insights Into Consumer Behavior

Posted in Blog, News

NEW YORK, NY – PlaceIQ, the company building more accurate audiences with location, time and real-world behavior, today announced two powerful new analytics capabilities — PreVisit and PIQ Analytics. Part of PlaceIQ’s newly patented location technology platform, both offerings provide marketers with an unprecedented understanding of their consumer audiences by deriving behavioral and demographic signals from the location histories of millions of unique devices.

Since 2010, PlaceIQ has focused on building a unique and detailed platform that enables powerful location intelligence for brands and agencies alike. The company was awarded a patent this past summer for its unique methodology that is key to understanding audiences from location. PlaceIQ continues to add to its robust product platform focused on targeting and analytics.

As additions to PlaceIQ’s suite of advanced reporting solutions, PreVisit and PIQ Analytics go beyond ad delivery and top-level campaign reviews. PIQ Analytics metrics provide a multidimensional, deep understanding of mobile audiences’ behaviors across location and time by analyzing their movements in the real world. As an example, PIQ Analytics can identify which competitors a brand’s audience is most likely to visit, the restaurants where they typically dine, the type of device they use, and the stores that they frequent. These insights go far beyond singular place and time measurements and provide a window into the consumer journey.

PreVisit determines where consumers were before arriving at a brand’s physical location. Providing this visibility and context into location histories adds a truly differentiated and realistic depiction of audience behavior that is indispensible to brands. For example, marketers can utilize PreVisit to target ads to the places their visitors travel from most often. Therefore, brands can encourage more frequent visits from existing consumers, as well as visits from new customers.

“Our platform allows marketers to use location intelligence to deeply understand the consumers with whom they want to engage,” said PlaceIQ CEO & co-founder, Duncan McCall. “Such visibility into and context around the consumer journey is highly valuable for brands seeking a truly differentiated and realistic depiction of consumer behavior.”

When coupled with PlaceIQ’s Place Visit Rate™ (PVR™) metric, PreVisit and PIQ Analytics allow marketers not only to understand whether their campaign successfully drove audiences to their store locations, but how visiting devices were different from those that did not visit. With this nuanced understanding, clients can discover successful audiences they may not have previously targeted, and optimize their campaign based on real-world behaviors.

“PlaceIQ believes that businesses are better served by glimpses of the actual, real-world tendencies of their target consumers,” said PlaceIQ CTO and co-founder, Steve Milton. “Having now received a patent for our technology, we will continue to develop innovations that strengthen marketers’ ability to understand and reach relevant audiences across and even beyond screens, at scale.”

PreVisit and PIQ Analytics for PlaceIQ clients by vertical:

Technology client discovered that audiences who were exposed to advertising and visited key retailers were 20 percent more likely to be Millennials than those that did not visit.

Consumer electronics brand learned that 6 hours prior to visiting the key retail locations, consumers were 3x more likely to be observed at other consumer electronic locations — revealing that visitors had cross-shopping habits among consumer electronics enthusiasts.

Automotive client discovered that home goods and grocery shoppers made up a significantly larger share of audiences exposed to advertising who then visited dealership lots versus those that did not visit.

Big Box retail client looked at devices that visited their stores and learned that they were 50 percent more likely to be low-income families with young children, versus all other audiences.

Technology client uncovered that audiences who were exposed to advertising and visited key retailers were 33 percent more likely to be in the highest income bracket earning $200k+.

About the Patent

The patent is for a process of profiling a user of a mobile computing device, the process including: obtaining a location history of a user, the location history being based on signals from a mobile computing device of the user; obtaining a location-attribute score of a location identified in, or inferred from, the location history; determining, with a computer, a user-attribute score based on the location-attribute score; and storing the user-attribute score in a user-profile datastore.

Patent granted July 16, 2013, U.S. Patent 8,489,596.
For more information, visit the United States Patent and Trademark Office’s website.

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PlaceIQ Announces Record Revenue, Profitability and CFO Hire; Continuing Significant Growth In 2013

Posted in Blog, News

Appoints former Tumblr VP of Finance Scott Casey as CFO; Headcount multiplied 3x this year; Including numerous key executive hires

NEW YORK, August 14, 2013 – PlaceIQ (http://www.PlaceIQ.com), a leading provider of location–based audience solutions for marketers, today announced the appointment of Scott Casey as Chief Financial Officer. Casey joins PlaceIQ from Tumblr, where he served as Vice President of Finance through Yahoo’s $1.1 billion acquisition of the business in June.

Casey’s addition to the team is coupled with PlaceIQ’s report of record revenue increases over the last quarter, doubling expectations for Q2 and becoming profitable for the first time. This impressive growth showcases the power of mobile’s ever-growing importance in digital advertising, and location’s key place within that medium.

Scott Casey, no stranger to aiding successful exits for startups, joins PlaceIQ, fresh off his most recent role as VP of Finance and helping in Tumblr’s $1.1 Billion acquisition by Yahoo. He’s previously held senior positions at Zynga and MySpace.

“The incredibly strong leadership team we’ve built is enabling us to execute on the huge opportunity we have in front of us,” said Duncan McCall, PlaceIQ CEO and co-founder. “Our ability to derive high fidelity audiences from real world behaviors at scale, and measure those with our revolutionary ‘Place Visit Rate’ has been recognized in a major way by a significant cross section of advertisers and marketers, and we’ve had some tremendous growth across our business. We continue to roll out new capabilities around analytics and insights, which enable our partners to have a completely new way of understanding their customers, and we are very excited about the pipeline of innovative products we are launching in the near future.”

“What Impressed me first with PlaceIQ was its executive team, and I’m excited to join such an accomplished group,” Casey said. “When you consider the sophisticated technology platform they’ve built, and the power that location intelligence adds to such a wide range of industries, the opportunity and potential for PlaceIQ is enormous. I’m looking forward to contributing the organization’s future growth.”

With the company’s staff more than tripling since the beginning of the year and a recent $6.7M Series B funding round, PlaceIQ continues to add to its executive team. Industry veteran, and Sun Microsystems alumni, Stuart Sim joins as Senior Vice President of Technology and Engineering and Yasmeen Coning as Vice President of Marketing. Prior to PlaceIQ, Coning was head of marketing for the RGM Group and Demand Media’s eHow.com.

For more information about Place Visit Rate™ (PVR™), PlaceIQ’s groundbreaking new success metric created that measures real-world, in-store ROI visit http://www.placeiq.com/products/pvr/

PlaceIQ Raises $6.75 Million in Series B Financing Led by U.S. Venture Partners (USVP).

Posted in Blog, News

PlaceIQ Raises $6.75 Million in Series B Financing Led by U.S. Venture Partners (USVP). Mobile Location Intelligence Pioneer to Expand Reach and Service Offerings

 

NEW YORK, NY, May 7, 2013 PlaceIQ (http://www.PlaceIQ.com), a leading provider of location intelligence solutions for marketers, today announced the company has raised $6.75 million in a Series B financing round led by U.S. Venture Partners, and including IA Ventures, Valhalla Partners, kbs+ Ventures, and several prominent angel investors.

PlaceIQ will use the funding to further its lead as the premier location intelligence solution for marketers, and to meet the groundswell of demand for more accurate solutions that enable advertisers to reach and define mobile brand audiences at scale across a wide range of marketing activities.

“As pioneers in the space, we’ve seen first hand how location intelligence is transforming the way marketing budgets are being allocated,” said Duncan McCall, CEO & Co-Founder of PlaceIQ. “ In the past year, we’ve witnessed explosive growth in demand from both our channel partners as well as agencies and brands directly. Clearly, marketers are becoming more sophisticated and getting more and more comfortable with adding location based audiences into their marketing mix. We will be using this additional funding to cement our leadership positioning in the space, ensuring that we are able to continue to bring market defining products and measures – such as the Place Visit Rate™ to our clients.”

“Location is the critical component that allows marketers to spend their mobile marketing dollars effectively,” noted John Hadl, Venture Partner at USVP and founder of groundbreaking mobile advertising agency Brand in Hand. “PlaceIQ provides unequalled insight into this vast opportunity with its accurate and precise measures, all powered by proprietary, patent-pending solutions that have set a standard for tools that help marketers better understand how to reach and message mobile audiences. Given the opportunity here, we are excited to be leading this critical round and enabling PlaceIQ to continue to do the important, industry defining work that has been its hallmark to date.”

The several months leading up to closing of this round has seen PlaceIQ take numerous steps towards cementing its leadership position in the marketplace. These include the hiring of industry veterans Tony Nethercutt as Chief Revenue Office and Anna Nguyen as Chief Operating Officer, significant increases to its engineer staff to accommodate product demand, the announcement of the industry defining Place Visit Rate™ (PVR™) metric, as well as a strategic partnership with Starcom MediaVest Group.

“Mobile’s power and possibilities lie in its ability to harness data and deliver human experiences that are relevant and meaningful,” says Derek Thompson, Senior Vice President & Global Mobility Director at Starcom MediaVest Group. “Location science is an integral component of unleashing mobile’s potential and we are excited about our work with PlaceIQ in this space and the measurable impact we are generating for our clients.”

PlaceIQ will use the funding from this round to maintain its pace of growth, continue to expand its offering, and hire for additional positions in sales, operations, marketing, and engineering. Interested candidates should visit http://www.placeiq.com/jobs/.

For more information about Place Visit Rate™ (PVR™), PlaceIQ’s groundbreaking new success metric created that measure real-world, in-store ROI visit http://www.placeiq.com/products/pvr/

About PlaceIQ
PlaceIQ (http://www.PlaceIQ.com) is a leading provider of location intelligence, enabling advertisers to reach and define mobile brand audiences at scale for a wide range of marketing activities. Working with agencies, brands, and channel partners, PlaceIQ deploys proprietary, patent-pending big data science to aggregate and analyze extensive amounts of location data from multiple sources. The resulting intelligence gives marketers an unprecedented understanding of consumer behavior, while offering a privacy-friendly way to define, locate, reach and measure mobile audiences. The company is headquartered in New York City and has offices in San Francisco, Los Angeles, Chicago and Boulder, Colorado.

About U.S. Venture Partners
U.S. Venture Partners (USVP) is a leading Silicon valley-based venture capital firm, helping entrepreneurs build world-class companies since 1981. USVP focuses on early stage opportunities in sectors where the Partners have the domain expertise, operating experience and network relationships to contribute to the success of an enterprise. Currently, the firm invests in digital communications, network systems, consumer and business services, media, semiconductors, clean technologies, biopharmaceuticals and medical devices.

About IA Ventures
IA Ventures is an early-stage venture capital firm, based in NYC, that invests in companies creating competitive advantage through data. We focus on using the latest technology to manage and extract value from today’s massive, occasionally unstructured, often real-time datasets.

About Valhalla Partners
Valhalla Partners is a trusted partner and advisor to technology entrepreneurs in their quest to build world-class companies. Based in Vienna, Virginia, the firm’s management team has made more than 120 investments over the past twenty years and produced almost $1 billion of investment proceeds. Valhalla prefers investments where the mission of the company is to innovate, challenge, and fundamentally change the dynamics of new and existing markets. Investments by Valhalla’s team include Adaptly, Advertising.com, Vubiquity, JumpTap, LeftHand Networks, PlaceIQ, Progress Software, Proxicom, Qumulo, RealOps, Register.com, Riverbed Technologies, SafeNet, ServiceBench, SolidFire, Videology, Trilogy, and webMethods. Valhalla Partners brings the full power and network of its experienced team to every investment it makes, helping companies grow faster and smarter regardless of size or maturity. For more information visit http://www.ValhallaPartners.com or follow via Twitter @ValhallaVC.

About KBS+ Ventures
kbs+ Ventures is a thematic investment arm of kirshenbaum bond senecal and partners which backs early stage entrepreneurs who have solid teams and great ideas. The main investment areas that kbs+ Ventures focuses on are: ad technologies, mobile, and design infusion. For more information, please visit: http://www.kbsp.vc

Neu Venture Capital
Neu Venture Capital is a New York-based seed fund run by Jerry Neumann.  For more information please visit: http://neuvc.com