Small tech company startup and large data parser Premise was granted $50 million by a backer of both SpaceX and Tesla Motors. Premise is a Silicon Valley company that uses its ground-workers, or regular customers, to collect prices on commodities such as fruit, oil, and other everyday items.
This is not the first time Premise has attracted a large funder. Premise has also been given funding from the World Bank, the Rockefeller Foundation, and The Bill & Melinda Gates Foundation. With such a large pool of investors, Premise is looking promising. The company is three years old and still growing.
Premise does what, in this rapid-fire economy, is an incredibly difficult and important job. They use citizens of foreign and local countries to track the data of food prices and food availability. Still an incredibly small company with only about 40 employees, they have gained a ground network of over 25,000 people from all over the world. Most of their ground workers are university students and domestic workers, but their app will apply to anyone who buys consumables—nearly everyone.
Along with this, their ground workers are paid to collect this information. It is not a lot—only about 20-30 cents per submission, but it is still better than nothing, and allows Premise to track data that was previously mysterious and incredibly hard to track reliably.
This platform also has opportunity to give back to the users as well. As Premise continues to grow, these local market prices could be readily compared to prices of other markets in real-time, allowing a user to collect data local to them and to plan their shopping trips accordingly.
Right now, though, Premise is concentrating on big data, and managing all of the new information that it is tracking. Premise currently charges for a subscription to its data and makes money from a lot of different individual contracts. These prices sit in the six-figure range, so it seems that individual, local interaction could be a ways off for this small, and very promising, tech company.