SafeGraph bags USD 45 million funding in Series B round

Source: Medium

SafeGraph is a San Francisco-based Data-as-a Service start-up that builds and maintains sets of data and information to help accelerate and enhance Machine Learning and Artificial Intelligence. Recently, the company has announced to have raised funding worth USD 45 million in its latest Series B financing round led by California-based Venture Capital firm- Sapphire Ventures.

Founded back in the year 2016 by Brent Perez and Auren Hoffman, SafeGraph data informs market analytics, site selection, investment research and much more.

When asked about the latest funding, the company mentions utilising this infusion of funds to capitalise on the ever-expanding market of data buyers. The start-up is building and offering newer ways for customers to buy data. As market trends follow, customer needs of data consumption become more and more diverse with the increasing data places and SafeGraph aims to be the market leader in this segment by meeting each and every customer’s data demand. As mentioned in a report by Geospatial World, as and when the partner network grows with time, SafeGraph will enable all interested parties to access similar data whenever they need to.

Coming back to SafeGraph’s latest funding, existing investor DNX Ventures- a San Mateo-based Venture Capital firm is also known to have participated in the company’s Series B financing round. Other than this, individual marquee investors Peter Thiel and Alexander Rosen have also participated in this funding round.

According to several reports, the COVID-19 pandemic has been a major force of change in consumer demand that has directly affected SafeGraph’s business. As the consumer demands have shifted dramatically, the greatest increase in demand has been noticed from the logistics industry, according to a report by Geospatial World.

During the time of the global pandemic, SafeGraph has doubled its year-on-year revenue while effectively improving on the efficiency metrics. This is the result of creating a community of over 7,000 data scientists who have been reportedly collaborating on a number of geospatial assignments that have ultimately resulted in more than 300 academic papers published in major news outlets.

Having said that, the total funding raised by SafeGraph to date amounts to USD 61 million that has been collected in over 4 financing rounds. Before this, the company had raised USD 16 million in its Series A financing round led by Ridge Ventures, back in 2017.

The company’s growth and per year growth in revenue is a strong indicator that the company is going on the right track of progress.