Sense360 Raises $7 Million in Series A Funding to Fuel Growth
Sense360, the leading data insights firm focused on offline customer journeys, announced today that it has secured seven million dollars in its Series A funding round. The Company will use the funds to fuel its growth, as well as to strengthen its support of new and existing clients, representing nearly 20,000 locations across the quick serve and fast casual restaurant space. The financing round was led by Firstmark, and included Qualcomm Ventures (the investment arm of Qualcomm Incorporated) and Upfront Ventures.
As part of the announcement, Sense360 also named four prominent industry leaders to its advisory board: Noah Glass, founder & CEO of Olo; Joel Aach, former VP of Insights at Darden Restaurants; Alex Vayslep, vice president at Maritz Holdings Inc.; and Huw Griffiths, global chief product officer at Universal McCann.
"The restaurant and retail industries have been challenged by a lack of deep and actionable consumer insights that can be leveraged to diagnose weaknesses and capitalize on strengths," says Eli Portnoy, CEO and founder of Sense360. "We’re proud to be working with such prominent investors and well respected advisors. This infusion of capital will further power Sense360’s technology and our people to generate useful and reliable data and products that help quick serve and fast casual restaurants gain a competitive advantage in today’s challenging market."
At the core of Sense360’s research is its cutting-edge mobile sensor technology, which collects anonymous, always-on location and survey data from a panel of two million consumers, enabling the Company to observe where, how and when people interact with physical locations and businesses, without compromising consumer privacy. By understanding the visits of millions of consumers in the real world, Sense360 provides restaurants the ability to measure against key metrics and benchmarks, identify their core personas, analyze promotions and offers, discover growth opportunities and develop localized marketing plans using its proprietary data.
“What differentiates Sense360 from other data providers is our longitudinal visit data combined with surveys,” says Portnoy. “This means we help clients understand what happened via highly sophisticated behavioral analytics, and why it happened with our targeted surveys. The data uncovers the true opportunities thereby providing tremendous value to restaurants and retailers that are looking for a competitive edge in today’s crowded marketplace.”