Locations Sciences Group PLC, an adtech company that focuses on location data intelligence, has announced it will close its open offer after raising £2.95m. The open offer allowed investors to buy shared capital of the AIM-listed company, which has raised £3.36m in the past six months.

Location Sciences uses machine learning technology to track location-data inaccuracies and offer ad fraud protection to customers. The company said it will be using the funds to expand the company’s Verify platform out to the US. According to the firm, Verify, which was created earlier this year, “protects advertisers against location ad-fraud by ensuring their location-based adverts are delivered to their intended audiences”.

According to Zenith Media, location data accounted for 42 per cent of the $107bn (£85bn) global mobile market in 2017,  yet 80 per cent of that data may be inaccurate, underlining the importance of location verification solutions. Juniper Research estimates that $50m is wasted daily on inaccurate location-based ad spend,” reported Juniper.

Mark Slade, chief executive officer of Location Sciences, commented: “We are pleased to have raised a further £0.2m through the Open Offer to further drive our leadership in ad location data verification. This is a significant milestone in the business and we would like to thank our shareholders for their continued support. We are excited for what 2019 has in store, as we continue to invest in our products, expand internationally and develop our team.”