XAd, a US-based location intelligence software provider that counts telecommunications group SoftBank among its investors, raised $42.5m in series E funding yesterday and announced the purchase of US-based weather sensor developer WeatherBug.
Hedge fund Eminence Capital led the round, investing alongside Microsoft Ventures, the corporate venturing unit for software producer Microsoft, venture capital firm Emergence Capital and private equity firms W Capital and IVP.
XAd’s software uses location data from an individual user’s mobile device to help brands market toward them more efficiently and heighten footfall and sales in offline outlets.
Dipanshu Sharma, chief executive of XAd, said: “The power of our data gives businesses the fundamental ability to understand and serve their audiences better.
“We are driving the future of artificial intelligence by combining data sets that can not only capture the most accurate consumer behaviour but also predict where they will go next.”
XAd has now raised approximately $129m since it was founded, with SoftBank initially investing through its SoftBank Capital unit as part of a $15m round in 2008 also backed by Emergence Capital, Palisades Ventures and Sorrento Ventures.
Softbank, Palisades and Sorrento provided another $5m in 2012 before XAd received $50m in debt and equity in a 2014 series D round led by IVP that included SoftBank Capital, Emergence Capital and Silicon Valley Bank.
WeatherBug utilises data sourced from more than 10,000 weather stations to provide weather and microclimate information through an app. The app has more than 20 million unique users per month, and will help XAd build more detailed datasets.
Earth Networks, WeatherBug’s parent company, had raised just over $35m from investors including Polaris Venture Partners, Sequoia Capital and HarbourVest Partners, according to securities filings. The companies did not disclose the amount paid for the platform.
– This story was updated to reflect Microsoft Ventures’ involvement.