Founded back in 2007 by former PayPal, eBay, Luminex and Tesla Motors execs, MaxPoint Interactive this morning announced that it has secured its second round of funding to the tune of $8 million, led by Madrona Venture Group.
MaxPoint offers advertisers proprietary targeting technology that allows its clients to “pinpoint” prospects up to neighborhood level, in a bid to increase in-store sales for brands across a variety of sectors.
The company’s system, which it says is already in use by consumer packaged goods brands, retailers, pharma companies and financial service organizations, is said to employ two unique technologies to drive in-store purchases for national and local brands.
By combining multiple data sets to form what it refers to as “Customized Neighborhood Profiles”, MaxPoint says it is able to identify the best potential customer for any brand – those that are both interested and capable of purchasing the product.
To accomplish this, MaxPoint draws from point-of-sale data from more than 65,000 retail stores nationwide, demographics, psychographics and other publicly available data sources – pretty much everything apart from personally identifiable information, in other words.
Subsequently, the company uses its so-called Digital Zip technology to find the best neighborhoods across the U.S. for the product or service in question, based on the characteristics of the people who live there.
The company says it recently moved its sales office in New York City to a larger location in Manhattan and also expanded its sales team.