BDS Analytics closes $7M of $10M funding round

BOULDER — BDS Analytics Inc., a Boulder-based cannabis market intelligence and research company, has closed on $7 million of an anticipated $10 million investment round.

The round was led by KEY Investment Partners, Altitude Investment Management and 7thirty, along with other investors. KEY Investment Partners founder Pete Karabas will join the board of directors alongside existing representatives from Altitude and 7thirty.

BDS Analytics said in a press release that it would use the capital to expand coverage of emerging cannabis markets, focusing on providing “a holistic view of the global cannabinoid market (cannabis and CBD).”

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The company also will invest in machine learning, marketing and sales, and strategic partnerships.

“We are extremely impressed with what the BDS Analytics team has accomplished since the company was founded in 2015,” Tiby Erdely, KEY founding partner, said in a prepared statement. “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.”

Micah Tapman, managing partner and co-founder of 7thirty, has been named chairman of BDS Analytics. Tapman was an early investor in BDS Analytics through CanopyBoulder, a seed-stage accelerator program for ancillary companies in the legal cannabis industry.