Sports tech firm ShotTracker gets backing from Verizon in $11 million financing round
Basketball data analytics firm ShotTracker.Source: ShotTrackerSports tech firm ShotTracker on Thursday announced an $11 million financing round led by Verizon Ventures and broadcast equipment manufacturer Evertz Technologies, based in Canada. Terms of the financing were not made public.
ShotTracker is a data analytics company co-founded by Davyeon Ross that provides real-time basketball stats and insight for teams and broadcasters. Its system uses sensors placed around arenas to track movement in real-time, allowing players to identify their most productive areas on the court. It uses sensors in basketballs, players' jerseys and court sensors to create a 3D court for enhanced analytics.
ShotTracker's systems cost roughly $45,000 to install and are used by more than 60 NCAA men's and women's college basketball schools, with partners including apparel companies Nike, Adidas, and Under Armour.
ShotTracker said it plans to use the funds to "accelerate its deployment across NCAA Division I Power 6 Basketball Conferences, expand hiring, further key partnerships and enhance sensor capabilities and data capture for players, coaches, fans and broadcasters."
With Verizon onboard, ShotTracker said it will also improve its cloud infrastructure by adding 5G capabilities.
Basketball data analytics firm ShotTracker.Source: ShotTracker"ShotTracker's real-time sports data will transform fan experiences, athletic performance, sports broadcast and more," said Michelle McCarthy, Verizon Ventures' managing director, in a statement. "We're proud to invest in a team of industry veterans as they pave the way for data capture in gameplay to improve all areas of the sport."
Added ShotTracker CEO, Bill Moses: "The entire ShotTracker team is excited to have the opportunity of working with two such farsighted technology leaders as Evertz and Verizon Ventures, each of whom brings special capabilities to enable us to fulfill our vision of what truly real-time statistics and analytics can mean."
Last February, CNBC reported ShotTracker joined a partnership with sports marketing firm Learfield IMG, which represents ShotTracker on the sponsorship marketplace.
Before this funding round, the firm raised more than $25 million from investors, including NBA legend Magic Johnson and former NBA commissioner David Stern, who passed away last January.