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Premise Blog

Product news, stories, and occasional updates.

Written By Joe Reisinger (@josephreisinger) & David Soloff (@davidsoloff) — March 13th, 2014

Welcoming Social+Capital

We founded Premise in 2012 to extract raw insights from a chaotic world where existing mechanisms of econometric data gathering are insufficient to meet the challenges posed by a real-time era of unprecedented economic and social volatility.

A device as simple as an internet-enabled phone is now a discovery tool, enabling bottom-up, collaborative mapping of economic, social and political events from anywhere in the world. Established mobile networks and communities now become the conduit for capturing information and insights that were previously uncapturable.

What if instead of top-down economic storytelling, we were to invert control of measurement? Start by providing farmers with the means and incentives to collect local data and then rebuild the aggregate statistics off of the back of that? That is, give individuals and communities the tools they need to collaboratively map their local economic landscapes, monitoring prices, corrupt actors, and services quality. Then as the local maps become more complex, dense, stable, we can use them to derive entirely new indicators, without top-down government intervention.

At Premise, our mobile platform enables precisely this inversion of control — putting the power to map local economic “climates” directly in the hands of data contributors and field workers. Premise’s network is designed to yield great insight, exponentially, via meaningful information from others’ experiences and knowledge. We believe that citizen-led, on-the-ground-generated economic transparency is a win-win – with the potential to spark economic growth while uncovering a more accurate picture of what is actually happening on the ground.

These are big issues to tackle and in order to meet the opportunity in front of us, we must scale. Today we are pleased to announce that we have closed a series B funding round totaling $11M, led by The Social+Capital Partnership, with participation from existing investors Google Ventures, Harrison Metal and Bowery Capital. With this funding, Social Capital’s Chamath Palihapitiya will join us and Karim Faris of Google Ventures on the Premise board, to lend his expertise in building out our global network.

We want to thank our investment partners who share our passion and are excited to embark on this next chapter. As ever, don’t hesitate to reach out with thoughts for partnership, collaboration or just a good conversation.

- David and Joe