CHICAGO, Nov. 30, 2021 /PRNewswire/ -- Tapestri Inc. today announced the launch of its namesake mobile application that pays users for sharing their anonymous location data and intends to expand to other types of data in the future. Once a person signs up and consents to sharing their location data, Tapestri passively tracks this information without draining a mobile device's battery, and incrementally pays users for their data that would otherwise be collected from them for free, and often without their explicit consent.
Tapestri's goal is to build a transparent and consensual relationship around the data exchange between companies and the customers they engage with to help people understand and benefit from the value of their data. By shedding light on the data exchange between brands and users, Tapestri is creating an ethical data economy that helps companies future-proof marketing strategies from privacy legislation that could likely target secretive and predatory data collection practices.
"The idea for Tapestri was born out of more than a decade of working in consumer data collection and monetization," said Founder and CEO Walter Harrison. "I watched tech behemoths make billions of dollars siphoning and packaging user data and I thought people were owed a piece of that wealth. Despite the fear that being transparent about data collection and giving people a choice of whether or not to share their data would dry up the well, what we're finding is that people are willing to hand over their data if they get something of value in return and we're the only ones offering money in real time for it."
In addition to monetizing through location sharing, Tapestri users can also complete surveys to earn additional money with payouts well above those offered through other services. Payments are determined by a proprietary algorithm and are matched to a user's monetization target so the person is still in control of how frequently their data is used.
Tapestri's network is one of the most robust and consistent location datasets in the marketplace today; on average its users create 50 - 3,000 events a day, which is second only to data a carrier provider could collect. Over time, it hopes to be a top mobility library to help provide comprehensive data for transportation and city planning.
Harrison adds, "We look to democratize the data industry by opening up our findings to all those who are interested."
About Tapestri Inc.
Tapestri, Inc is a Chicago-based, data analytics company with the marquee product "Tapestri". Tapestri, the mobile app, works by understanding human mobility and location data as a person moves throughout their day. The app passively collects data and gives highly engaged users the opportunity to earn cash each day for the places visited from the time they wake up until the time they go to bed while their privacy is protected. Tapestri helps users begin to understand their own location behavior as well as the movement patterns of people and places around them, while marketers benefit from insights gleaned from movement trends. Our 100% consent-based, first-party mobile data is incredibly valuable and is one of the most robust consistent location datasets in the marketplace today, second only to a carrier provider. To learn more about how Tapestri can help your business or get you paid for your data visit https://tapestri.io/.
SOURCE Tapestri Inc.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.