Recently, an Overland Park, Kan-based data platform Replica which understands and manages urban ecosystems raised $41 million in its latest Series B funding round.
The funding round has seen participation from the investors namely Innovation Endeavours, Sidewalk Labs, Rise of the Fund, and Firebrand. The firm decided to deploy the funds to grow its customer base and build new solutions to serve the prospects better.
The Replica is led by its Co-founder and CEO Nick Bowden who offers professionals as urban planners and policymakers a data platform to get access to insights about the marketplace, how people are living and moving throughout different communities to consider the influence or impacts of trade-offs and nuances of programs. This helps in making informed policy and spending decisions.
In 2021, the firm plans to expand its suite or package of product solutions, which involves the addition of Scenario, intuitive and accessible forecasting, and scenario modeling tool.
Replica is an AI-powered platform and its core technology is rooted in large-scale simulations. It also leverages machine learning that helps public and private sector customers assess current needs, investigate and build new solutions to forecast and predict future impacts of any prospect behavior. With this, the company gets the ability to produce high-fidelity replicas for prospects to receive high-quality and reliable outputs that leverage new data sources like mobile location data, without compromising individual privacy.
By leveraging Replica’s solutions, one can harness AI and machine learning to generate synthetic populations, and examine their behaviors that can be tracked in order to simulate real-life scenarios. And New York was able to adapt, it cut the hours of 1 AM to 5 AM from its schedule and MTA survived.