Cannabis data company BDS Analytics announced that it closed on $7 million in new financing, led by KEY Investment Partners, Altitude Investment Management, and 7thirty, with participation from other investors. A part of the financing deal, Pete Karabas of KEY Investment Partners will be joining the board of directors. BDS said it will use the money to expand coverage of emerging cannabis markets and strengthen its operating infrastructure with investments in machine learning, marketing and sales, and strategic partnerships.
“As the global cannabis economy continues to expand, it is imperative that we’re able to scale alongside it to remain an indispensable asset for key decision-makers in the industry,” said Roy Bingham, CEO, and Founder of BDS Analytics. “We’re excited about this new round of funding, which will allow us to further enhance our GreenEdge platform and expand our capabilities to the entire addressable cannabinoid market.”
Micah Tapman, Managing Partner and co-founder of 7thirty has been named the chairman of BDS Analytics. Tapman was an early investor in BDS Analytics and has had a hand in advising the company ever since. The company said that Tapman will use his technology background to help lead the next generation of technological innovation and operational efficiencies.
“I am thrilled to be taking on a more formalized role within the company, which has demonstrated its market value time and time again,” said Mr. Tapman. “No industry can survive without hard data to drive business decisions, and that is what has been most appealing to me since day one. BDS Analytics found an opportunity and capitalized on it, which from a VC perspective demonstrates pragmatic leadership and lays the groundwork for successful long-term operations.”
“We are extremely impressed with what the BDS Analytics team has accomplished since the company was founded in 2015. BDS Analytics provides a critical service to the cannabis industry today that did not exist just a few years ago. As the players in the cannabis industry continue to grow and become more forward-thinking, BDS Analytics’ data and analytics tools will become a necessity for any company looking to maintain its competitive edge. The KEY team could not be more excited to work closely with BDS Analytics to expand the platform, grow the business, and cultivate new relationships, while further establishing the company as the premier market leader in data analytics for cannabis,” says Tiby Erdely, Founding Partner of KEY Investment Partners.
“We’ve seen BDS Analytics surpass its’ milestones and are proud to be co-leading this round of financing as it continues to grow. It’s an exciting time for the company as it expands product lines into new geographies, grows its industry-leading team, and improves its cutting-edge technology and services,” said John Brecker, Partner at Altitude Investment Management, LLC.