$ 50 million to collect economic data in real time

by bold-lichterman

The amount

Premise, a Californian start-up specializing in the collection of economic data, has just raised $ 50 million (44.3 million euros) from Valor Equity Partners, as the main investor. The company had already completed a funding round of $ 11 million last year, in particular with Google Ventures.

Following this transaction, Antonio Gracias, CEO of Valor Equity Partners, joins the board of directors of the start-up. The latter also sits at board from Tesla and SpaceX. Also note that Lawrence Summers, the former US Secretary of the Treasury also sits there.

The concept

Founded in 2012, Premise develops a platform of tracking economic data. To achieve this, the start-up relies on a network of contributors who provide it with information (price index, products, maps, etc.) on a multitude of subjects in exchange for remuneration. These are then grouped together and cross-checked by algorithms in order to derive exploitable macro or microeconomic statistics.

The company works with many actors such as the World Bank, the Bill & Melinda Gates Foundation or the FAO (the United Nations Food and Agriculture Organization).

The goal

With this new investment, Premise intends to continue its development and strengthen its sources of information. Three years after its creation, the company now claims to have a network of more than 25,000 contributors, and plans to cross the 40,000 mark by the end of the year. They allow it to provide coverage in 200 cities in around 30 countries.

Founders: David Soloff and Joseph Reisinger

Creation: 2012

The head office : San Francisco (United States)

Market : economic data collection

Funding: over $ 60 million raised (September 2015)

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