AdNear, a location-based mobile advertising platform, has just raised US$19 million in capital as it seeks to expand further into Asia, Tech in Asia reports.
The Singapore-based company has added Tokyo-headquartered Global Brain and Sydney's Telstra Ventures to existing investors Sequoia Capital and Canaan Partners, as it goes in search of market opportunities across the world.
Anil Mathews, founder and CEO of AdNear, explained to Tech in Asia how Global Brain will help the platform establish a new market in Japan, as it will be able to capitalise on the venture capitalist's extensive network in the country.
"The Japanese culture is unique, and we had to keep that in mind – Global Brain's local partnerships and expertise are vital to the success of an international entrant like AdNear to the Japanese market," he added.
Yasuhiko Yurimoto, president and CEO of Global Brain, said in a statement that there is a mutual appreciation between the two enterprises, and it is confident AdNear will "become a leading player in the global adtech market in the near future."
AdNear, which includes marquee brands such as Samsung and Unilever, uses geo-location and other data points for intelligent targeting of ads across mobile devices. What makes its technology stand out is the use of real world data collected by matching mobile signals with geo-location points – which can be achieved without the help of GPS and operators.
Rahul Khanna, managing director of Canaan India, highlighted the growth of AdNear in the last 12 months and suggested it will only strengthen in the future.
"Over the last year, AdNear has seen a 12x growth in its device user base and we are very excited about AdNear taking its offerings to new markets," he added.