LocateAI Technologies, which owns and operates location analytics startup Locale.ai, has raised an undisclosed amount of capital in a bridge round led by venture firm Better Capital.
Raveen Sastry, co-founder of ecommerce platform Myntra and messaging platform Nudgespot, and Pallav Nadhani, co-founder of data visualisation company Fusion Charts, also participated in the round, according to a statement.
The fresh capital will be deployed by the firm to scale and expand globally, primarily in the US, the Bengaluru headquartered company said.
Rishab Jain and Aditi Sinha founded Locale.ai last year. An operational analytics platform, Locale.ai offers real-time integration across databases, location data and metrics in one place. The company works with mobility and delivery companies in the US, France, Argentina and India.
Locale.ai partners with data vendors and overlays granular external data such as mobility patterns in a city, traffic and weather on top of their internal data to help companies get better insights. It competes with companies such as GeoIQ, Loginext and Salesforce Maps in the segment.
“We help companies decrease their customer acquisition cost by expanding in areas based on latent demand, reduce user churn by providing better service level agreements (SLAs) in locations where they drop off and increase existing customer revenue by doing geo-targeting based on users they move and where they order from,” co-founder Sinha said.
Set up in 2018 by CEO Vaibhav Domkundwar, Better Capital has made early bets in companies such as neo-banking platform Open, digital ledger platform Khatabook, agritech business-to-business trade platform Bijak and bike rental platform Yulu. Earlier this month, Penbound Partners, which operates interactive fiction platform Plop, raised an undisclosed amount in an angel funding round, led by Better Capital.