Premise Pays App Users To Gather Real-World Economic Data

Premise, a company that pays ordinary people to collect on-the-ground economic data, just got a $50 million investment to continue its work.

Premise, which gathers real-world economic data by paying people to snap photos and record prices of products in their local markets using the company's free Android app, just raised $50 million dollars in new investment. Premise sells its data to clients, such as Bloomberg and Standard Chartered Bank, that want a better, faster understanding of consumer prices and inflation than official government statistics supply. Premise also has clients such as the UN and the World Bank that want a better sense of economic conditions on the ground and whether development money is actually getting to its destination.

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