DataLane Secures $22.5M Series A for AI Expansion

The $22.5 million Series A funding round follows prior investments, bringing DataLane’s total funding to $27 million. Amplify Partners, established in 2012, focuses on pre-Seed, Seed, and Series A investments in sectors including AI, machine learning, and digital biology. DataLane operates a Go-to-Market (GTM) platform tailored for the local economy, aiming to build an identity platform for every local business across the U.S., which it describes as a LinkedIn for the offline economy.

The company’s AI-powered platform leverages over two billion real-time data points to extract, deduplicate, verify, and connect data from hundreds of sources. This process provides verified owner information, accurate addresses, and operational details for local businesses, delivering a continuously updated identity graph for sales, marketing, and growth strategies. Current clients include prominent companies such as DoorDash, Square, Paychex, and Motorola.

The funding was secured to accelerate DataLane‘s product development efforts and to expand its AI and engineering teams. Additionally, the capital will support the company’s broader go-to-market expansion strategies. Amplify Partners states its investment thesis includes backing exceptional teams building foundational technologies in areas like AI, aligning with DataLane’s focus on an AI-powered identity graph. The investment reflects a broader industry trend towards robust identity solutions and data verification, crucial for digital transformation and informed business strategies in the local economy.

Specific timelines for the expansion of DataLane’s AI and engineering teams, as well as detailed milestones for its go-to-market expansion, have not been publicly disclosed. The exact valuation of DataLane following this Series A round was also not provided in the announcement.

DataLane intends to utilize the newly acquired funds to enhance its platform capabilities and scale its operations. The company’s focus on expanding its AI and engineering teams suggests upcoming advancements in its identity graph technology. Continued growth in its client base, which currently includes major players like DoorDash and Square, is anticipated as the company broadens its market reach.