- For Q2 2023 ended June 30, Near reported revenue of $17.7 million, up 19% over Q2 2022
- For the same 2023 period, the company reported GAAP gross profit of $12.1 million
- Near’s GAAP gross margin for Q2 2023 was 68%
- The company’s Q3 2023 guidance forecasts total revenue in the range of $18 million to $20 million
- Near holds 10 patents globally and has a multiyear head start on gathering unique data points
Near Intelligence (NASDAQ: NIR), a Privacy-Safe Geospatial Intelligence Platform, curates one of the world’s largest sources of intelligence on people and places. Near’s patented technology analyzes data to deliver insights on approximately 1.6 billion unique user IDs across 70 million points of interest in more than 44 countries. With Near’s three-pillared approach – high-quality data, privacy, and AI – operational and marketing leaders are empowered with solutions to successfully engage and grow their businesses at scale. With a presence in Pasadena, San Francisco, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near serves enterprises in diverse industries, including retail, real estate, restaurants, travel/tourism, telecom, media, and more.
Established in 2012, Near employs vast data volumes to comprehend consumer behavior across digital and physical realms, ensuring privacy compliance through anonymization and aggregation. The company analyzes behavior around visited places and connected devices.
Near is headquartered in Pasadena, California.
Platform and Services
The Near platform delivers global, high-quality data in a privacy-safe environment, evaluating consumer activity across physical and digital spaces to provide business leaders with deep insights into the places their customers frequent, along with their brand and competitor preferences.
It is built on three fundamental tenets:
- Global, High-Quality Data: The Near Platform provides high-quality insights about people and places from diverse industries and applications. Through complex data refinement processes, Near converts raw data into powerful insights that empower decision-makers with actionable information.
- Privacy and Transparency: Data privacy and transparency are deeply ingrained in Near’s foundation. The platform is built on the principle of privacy by design, ensuring that data privacy considerations are integrated into every aspect of its products, processes, and practices. The Near approach empowers business decision-makers with control over their information and adheres to the most stringent global privacy regulations.
- Data Science and AI Innovation: The Near Platform employs advanced algorithms and machine learning models to deliver high-quality insights, so users can decipher complex consumer behavior patterns and trends.
In August 2023, Near illustrated the value of its intelligence platform in one such industry – quick-service restaurants (“QSRs”). Many of the world’s largest QSR brands count Near as a trusted partner for high-quality data insights and restaurant analytics. By harnessing Near’s advanced analytics capabilities, top QSRs with combined annual revenues approaching $90B are able to understand consumer movement and behavior patterns, brand affinities, trade areas, and trends.
The company also collaborates with partners to strengthen their datasets by integrating Near’s physical and digital world understanding. Near’s data is always delivered with a privacy-first, consent-led approach via its SaaS-based geospatial analytics platform.
Market Outlook
An analysis from Fortune Business Insights estimated the global business intelligence market was valued at $27.11 billion in 2022 and is projected to grow from $29.42 billion in 2023 to $54.27 billion by 2030, a CAGR of 9.1% during the forecast period.
According to the report, global market growth can be attributed to the increasing adoption of cloud-based Artificial Intelligence/Machine Learning services and data analytics across organizations. A surge in demand for flexible architectures and adaptable solutions opens up market expansion opportunities.
Management Team
Anil Mathews is the CEO of Near. He is a visionary who has spent the past 22 years as a serial entrepreneur, building successful businesses around engineering, messaging, and social. He is passionate about creating new market companies with a strategic vision and technology capability that can provide substantial growth. He is also an advisor and investor to numerous startups across the globe.
Shobhit Shukla is President of Near. He currently runs the company’s global business and strategic initiatives, where he is responsible for executing Near’s vision to become the most accurate and privacy-safe source of intelligence on people and places. He holds an MBA from the Indian Institute of Management and advises multiple early-stage startups on growth strategy.
Gladys Kong is COO of Near. She was previously CEO of UberMedia, a data intelligence company acquired by Near. She was also CEO of Go Interactive, a fantasy sports company. Before that, she held Engineering and R&D vice president positions at Snap.com and Idea Lab. She has a bachelor’s degree in engineering and applied science from Caltech and a master’s degree in computer science from UCLA.
Rahul Agarwal is the CFO of Near. He began his career at PwC India and later held accounting and finance roles at HT Media and InMobi, where he rose to the position of Head of Finance, North America. He is a graduate of The Institute of Chartered Accountants of India and holds an MBA in finance and strategy from the Indian Institute of Management at Bangalore.
For more information, visit the company’s website at www.Near.com.
NOTE TO INVESTORS: The latest news and updates relating to NIR are available in the company’s newsroom at https://ibn.fm/NIR
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