Location data platform Factual has raised $35m (£23m) in Series B funding from investors including Altpoint Ventures, Heritage Group, Data Collective and Miramar Ventures, to put towards its real-time streaming location technology.
Factual plans on using the new funds to scale and enhance its core data engineering capabilities, grow its sales and marketing efforts and fuel international expansion. Its current customer base includes large tech firms such as Apple, Microsoft and Facebook, as well as key payments leaders and a multitude of developers.
The company also works with a strong group of advertising and marketing tech companies, who together account for over $2bn in mobile ad spend, and make use of the firm's data to power hyper-targeted, relevant location campaigns.
"When I founded Factual in 2008, the need for a neutral data company whose only business is enabling others to build great products was crystal clear," said Gil Elbaz, CEO and founder of Factual. "Since then, the need has only grown as there has been a demonstrated trend among large platforms to limit or shut down third party access to their data in favour of their own products. Access to data is as critical for innovation as access to computing power or talent."
"Factual is a type of information transaction hub that grows strongly but quietly until it has a commanding market position – similar to Google in web and search data, or First Data in payments data," said Matt Ocko, co-managing partner and co-founder of Data Collective. "As the world moves increasingly to mobile and IoT-centric models, a vast cloud of devices will need the uniquely enriched actionable location data that Factual provides."