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Time Warner leads round in startup looking to improve ad technology on set-top-boxesSimulmedia, a media marketing company, announced on Wednesday it has closed an $8 million Series B round of financing led by Time Warner Investments. Avalon Ventures and Union Square Ventures also participated in the round. Back in 2009, the company raised a $4 million Series A round from Avalon and Union Square Ventures.
The New York-based startup is working on a technology which it says helps broadcast and cable networks build audiences for their shows more effectively and efficiently by delivering the right on-air promotions to the right viewers at the right time. It's technology falls in the category of set-top-box-data-driven marketing services, basically works with cable boxes. Basically, a smarter version of when and where commercials get placed based on the users TV viewing habits.
Time Warner found interest in this company due to its high success in the past 18 months. Simulmedia said its platform is functioning and gathering anonymous viewing data from more than 15 million set-top boxes through its various partners across the US. Through these trials it's delivered 50 - 350% more viewers per program promotion spot than conventional demographically-targeted program promotions.
Rachel Lam, SVP at Time Warner said in a statement, "We believe that there is an incredible opportunity for targeted promotion in television, and that Simulmedia can truly help television companies get smarter about building audiences for their programming."
Simulmedia said the funding would be used to continue development of its product.
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