Startup looking to bring highly targeted ads to television sets
, a company which develops "addressable" advertising solutions for TV, has landed $23 million in Series D funding
, led by Google. Other investors include GroupM, Motorola Ventures, Menlo Ventures, InterWest and EnerTech.
So what's Invidi have to offer that has Google wanting to get its hands on it? The New York-based startup is working on an up-and-coming sector in the TV ad industry that delivers targeted ads to individual viewers, aka, "addressable" ads. You can compare this to targeted ads you see across the Web, like from Google or on Facebook, etc. They are more precise. Invidi says, "advertisers have the ability to more precisely reach their desired audience with the preferred ad at the right time and with the appropriate frequency."
The technology works with set-top-box's, in particular those made by Motorola which is also an investor in this round.
As for Google, this could tie into its initiative announced back in March - Google TV. It's a partnership with Intel and Sony to create an Android-powered TV platform. Google already sells TV ads through its AdWords platform and says users can launch a television campaign in just minutes.
David Downey, CEO of Invidi said, "This financing will accelerate our current efforts to deliver the functionality advertisers crave and the ability for operators and networks to increase the value of their advertising inventory. We can deliver this functionality on any platform our customers desire, tailored to their specific network needs.”
Along with the funding announcement, the two companies stated they have agreed to work together on projects, "of mutual interest that will bring value to Invidi's customers."
Currently, Invidi said it is rolling out its technologies across cable, satellite, telco and IPTV platforms in the US and abroad. It announced distribution agreements with Dish Network and DirecTV. It's technology has been tested in Comcast Baltimore, and showed its addressable ads to be 65% more efficient than regular ads.
We should also take note, Google's venture arm, Google Ventures
, emerged from stealth mode earlier this week. It launched a new Website and announced 11 portfolio companies it's invested in. Invidi is currently the newest addition to its roster.