What: Video advertising platform Innovid has secured US $30 million in the pre-IPO funding round.
Why it matters: The company will use the funds to advance its end further to end CTV platform as well as to expand its global presence.
Innovid, a New York-based video advertising platform, has secured a US $30-million investment in the pre-IPO funding round. The investment was made by the Goldman Sachs Private Capital Investing Group.
The company intends to use the funds to advance its end further to end CTV platform as well as to expand its global presence. As of now, Innovid creates, delivers and measures video ads for brands like Toyota, Bank of America, L’Oreal, Campbell, GlaxoSmithKline, and others.
It works across connected and streaming devices such as Amazon Fire, Roku, Samsung TV, and Apple TV. The company recently launched OTT Composer, a self-service authoring tool to create and publish experiences for connected TV advertising.
The company has offices in Chicago, San Francisco, London, Sydney, Tel Aviv, New York, and Singapore.
“Innovid as of now is working on continuing to push the boundaries of what is possible with video advertising across all screens, especially on CTV,” said Zvika Netter, CEO and co-founder of Innovid. “Our technology platform is helping the new advertising models, which include addressable and interactive ads, that are ushering in a new era of personalization and relevancy for CTV viewers. With this funding, Innovid will further advance its end-to-end CTV platform, creating a more efficient workflow while solving industry measurement challenges and expanding its global footprint to meet the evolving needs of its international client base of brands, media and creative agencies, and publishers.”
“As an early entry in the field of CTV with some of the major established inventory supply partners, Innovid is well placed and positioned to capture some of the massive secular shift in CTV consumption,” said Hillel Moerman, head of Goldman Sachs Private Capital Investing group.