PureSpectrum secures $37m in funding

PureSpectrum will use the investment to support its strategic initiatives and its growth as a business. The company was founded in 2016 and offers a marketplace for online sample.

Arthur Ventures, a Minneapolis-based growth equity firm, leads business-to-business software investments outside Silicon Valley. The funding also provided liquidity to early-stage investors.

Michael McCrary, chief executive and founder, PureSpectrum (pictured), said: “Despite the turbulent conditions over the past year, our track record of fast-paced profitable growth has continued. The company will use its portion of the capital raised to fuel product innovations, especially around data quality, and drive strategic initiatives to accelerate growth.”

Patrick Meenan, general partner at Arthur Ventures, and a member of the board of directors, said: “We are proud of the progress and innovations made by the PureSpectrum team, and are excited about the opportunity to deepen our relationship and support its growth in the years to come.”

PureSpectrum has also launched an updated version of its data quality technology, PureScore 2.0, a machine-learning based scoring system for measuring individual survey respondent quality.

The model detects survey-taking patterns across billions of survey sessions. The further that a respondent’s fraud markers and behaviours deviate from the ideal, the lower their score on the system, and respondents with a low score are prevented from participating in PureSpectrum surveys.