Sensor Tower has raised $45 million from Riverwood Capital for its enterprise of offering market intelligence for cellular apps. The corporations mentioned the strategic partnership marks a brand new part in Sensor Tower’s operations: growing an analytics platform that delivers the trade’s most correct information on the cellular ecosystem.

San Francisco-based Sensor Tower beforehand raised a complete of $1 million in seed funding and has been worthwhile since its founding in 2013. Sensor Tower noticed report annual recurring income (ARR) in 2019, with 65% development year-over-year. The firm didn’t disclose the precise determine.

The firm elevated its worker numbers by 50% over the earlier 12 months, and Sensor Tower has opened a number of worldwide workplaces to help regional demand, together with its newest in London to serve Europe, the Middle East, and Africa. The firm now has 75 staff.

Sensor Tower raises $45 million for mobile app market intelligence

Above: Sensor Tower has raised $45 million from Riverwood Capital.

Image Credit: Sensor Tower

According to an eMarketer report, U.S. adults will, on common, spend three hours and 43 minutes on cellular units per day, with 90% of that point spent in apps. With report downloads and income forecast by way of 2024 throughout mature and growing markets alike, dependable app information has develop into essential not just for mobile-first app builders, but additionally for main client manufacturers and monetary establishments.

VB Transform 2020 Online – July 15-17, 2020: Join main AI executives at VentureBeat’s AI occasion of the 12 months. Register today and save 30% off digital entry passes.

In an e mail, Sensor Tower CEO Alex Malafeev mentioned the funding will assist help development throughout all materials aspects of the enterprise, from hiring and advertising and marketing to infrastructure and bodily enlargement into new markets.

“We’re looking at this as a way to really step on the gas after seven years of developing the product and business to the point where we’re confident it can support scaling at a more rapid pace,” he mentioned. “At the same time, this is a strategic investment from Riverwood, which is known for partnering with businesses such as ours that are primed for scale, and they will serve as close advisors on our growth. We’ll leverage their operational experience and apply the lessons they’ve learned working with other high-growth startups such as Nextdoor to ensure the decisions we make across the organization are aligned with maximizing this investment.”

Sign up for Funding Weekly to begin your week with VB’s prime funding tales.