Premise Data Raises $85 Million to Transform Market Intelligence by Scaling Its Machine Learning and Human Intelligence Platform
- Westcap Leads Round Aimed to Accelerate Development of the First AI-Powered Market Intelligence Platform in Use by the World’s Leading Organizations
Premise Data announced $85 million in Series E financing to expand its platform capabilities and global network. Led by Laurence Tosi’s WestCap Group with participation from Dave DeWalt’s NightDragon, as well as Winslow Capital, DRW, and Vista Credit Partners, the credit-lending arm of Vista Equity Partners, the latest funding will enable the company to accelerate development of its best-in-class technology. Existing investors Valor Equity Partners, 8VC, Tao Capital, Hanover Technology Investment Management, and Atreides Management also participated. Premise has now raised more than $150 million from experienced investors.
Premise owns the broadest and most sophisticated cyber-physical market intelligence platform that blends machine learning with human intelligence, making it possible to gather and analyze real-time data from a curated and trusted global network. The mass adoption of smartphones worldwide has opened an entirely new market for capturing data at scale. The unlocking of new decentralized crypto payment capabilities, such as Bitcoin, attracts millions of contributors globally by providing more payment options. Further, advancements in deep tech enable Premise to learn from and autotask its network, and rapidly decipher the most salient data. This has resulted in 600% revenue growth over the past 36 months and the company’s recognition as one of Deloitte’s Fast 500 for 2020.
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“Premise is rapidly transforming the ways organizations collect data, measure programs and provide decision makers with real time insights that are critical to success. This new funding provides the company with even more resources to continue to disrupt this marketplace,” said Maury Blackman, Premise CEO. “We are able to task contributors to capture the ground-truth data that organizations need to measure, understand and leverage at scale. We can do this work anywhere in the world, without utilizing high-priced consultants, while changing the landscape of market intelligence.”
The funding round was led by WestCap, whose Founder and Managing Partner Laurence Tosi previously served as the long-time CFO of Merrill, Blackstone and Airbnb and will join Premise’s board of directors. “Premise is disrupting and democratizing the way large organizations capture market intelligence. Management has proven the business model can quickly scale and generate significant margin – all while providing decision makers with better results,” said Mr. Tosi.
Dave DeWalt and Alex Moore will also join the Premise board. DeWalt is the former CEO of Documentum, McAfee, and FireEye and also a board member of Delta Air Lines and Five9; Moore is a partner at 8VC and serves on the Palantir board.
Current Board members Antonio J. Gracias and Vivek Pattipati will remain on the Premise board. Mr. Gracias, who is the founder and CEO of Valor Equity and serves on the Tesla and SpaceX boards, stated, “We’re very excited that the big vision for Premise is being realized and operating at scale. We’re thrilled to increase our investment in the company and support the development of the next generation of deep technology requirements for this category-defining platform.”
During COVID-19, Premise played a critical role for a variety of public and private organizations and has so far collected over 150M data points related to the pandemic, as illustrated by this dashboard. Further, the Premise Global Index, which monitors five key quality-of- life factors (including Consumer Habits, Economy, Institutions, Basic Services and Social Issues) helps our customers detect small changes in socio-economic conditions on the ground, often serving as a leading indicator of broader sustained changes. Together they demonstrate the company’s ability to gather insights from around the world.