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Truthset, the leading data validation-as-a-service offering, today announced it secured $5 million in Series A funding to accelerate its next phase of growth and adoption with the advertising industry. Data Point Capital led the round with participation from more than 20 industry insiders.
"Consumer data powers a trillion-dollar industry, but historically the priority has been scale over accuracy, making it ripe for innovation," said Mike Majors, Managing Partner at Data Point Capital. "We’re excited to partner with Truthset and accelerate their mission of bringing accuracy to consumer data, providing the foundation for a better, more sustainable digital ecosystem that benefits advertisers, publishers, and consumers.”
Truthset's big data platform is the independent standard for measuring consumer data accuracy, enabling segment validation against a census-calibrated database of 1.27 billion hashed emails and 147 million households. Truthset is trusted by brands, agencies, media, and measurement companies, empowering TelevisaUniversal’s Hispanic Data Graph and measuring first-party data and targeted campaigns for Heineken.
Truthset will use the funds to continue enhancing its products and launching additional solutions for industry challenges like identity resolution and third-party cookie deprecation. The company also plans to make strategic hires to accelerate growth with media and advertising clients, as well as with its Data Collective.
Truthset has also united industry-leading data providers such as Experian, TransUnion, and Epsilon under the Data Collective, which leverages the Truthset platform to benchmark the accuracy of consumer level and identity data. Together, the Data Collective is raising the bar for data accuracy and accountability across the broader landscape.
“At a time when the overall financing environment is stressed, support for Truthset from both institutional investors and industry insiders is a true testament to our work and mission,” said Scott McKinley, CEO at Truthset and former executive vice president at Nielsen. “This capital will allow us to extend our leadership position in the market, deepen relationships with existing clients, and push the data validation services to endpoints where data is bought, sold, and transacted to improve the performance and profitability of advertising.”