Following a year of record growth, Raleigh-based mobile marketing analytics startup Reveal Mobile has raised a new $2 million funding round and secured a U.S. patent for technology designed to assess the quality of mobile devices based on the reliability and accuracy of their location data.
The Series A funding round included investors from Alerion Ventures, Bull City Venture Partners, IDEA Fund Partners, VentureSouth, and others. The round will be used to fund research and development efforts, and strengthen the company’s sales teams to meet growing demand.
Reveal Mobile helps marketing and advertising teams use location data to better cater to audiences based on their travels. According to CEO Brian Handly, users can utilize the company’s patented technology to let public agencies and private-sector companies more effectively predict and mitigate the spread of infectious diseases like COVID-19. Ultimately, the platform would help advertisers better gauge the value of location data based on these assessments.
“Location data has myriad applications, all of which become more valuable as the data becomes more reliable,” Handly said in a statement. “Whether you’re an advertiser, a researcher or a scientist, data quality determines the quality of your work. With this new advancement, we’re helping the advertising industry increase its confidence in targeting ads based upon the location of mobile devices.”
Handly also explained that many advertisers still want to invest in targeting audiences despite the pandemic – and that many consumers want to hear those messages.
“This new round of funding comes at a time when the advertising industry is doubling down on audience targeting because of its efficiency and its effectiveness,” Handly said. “Even as people are staying home due to the pandemic, advertisers are continuing to spend in key retail segments, from apparel and electronics to personal care and pharmaceuticals.
“All of our location data products provide agencies, brands and retailers the ability to understand and reach the right audiences at a time when they most need to reach them. We’re solving the right problem in downturns and in boom times.”
David Jones, a general partner at Bull City Venture Partners, told the Raleigh News & Observer that Reveal Mobile has positioned itself well in spite of the COVID-19 crisis by landing a funding round that will allow it to invest in the company as others wait out the pandemic.
“I think it is a big advantage,” he said. “I think there are going to be some startups that go by the wayside [because of COVID-19]. A lot of their competitors will either potentially go away or will throttle back.”