Singapore-based advertising technology startup Eyeota has closed a $7 million Series A investment led by Global Brain Corporation and joined by Infinity e.Ventures and existing investor Project A Ventures.
Project A Ventures was the first VC firm to invest in Eyeota and the latest investment brings total equity financing raised to US$10 million.
Incepted by Kevin Tan, Kristina Prokop and Trent Lloyd in 2010, the company claims to have double its staff count by 2015. According to Tan, who functions as its CEO, the investment will be used to fund the expansion of teams in its international offices, grow the technology development team, as well as expand into new geographical territories.
Currently, the local audience data company maintains a presence in Berlin, Düsseldorf, London, Melbourne, Singapore, Sydney and Tokyo, granting it coverage and access to major Western and Asian markets.
According to e27, the transaction will see Global Brain represented on the board of Eyeota and will support its expansion into the Japanese market. Specialising in advertisement targeting data, the firm provides information to marketers regarding their audience. This aid advertisers in reaching and intelligently engaging consumers who are more likely to be interested in their products and services.
According to Eyeota, it has 1.5 billion unique data profiles gathered from publishers worldwide and has worked with companies like CACI, Experian, Ipsos, Immobilienscout24, Netsprint, Roy Morgan Research, and Semasio.
Commenting on the investment, Nobutake Suzuki, partner of Global Brain Corporation, said, “We were impressed [by] Eyeota’s experienced team and unparalleled technologies, and we believe the company shows great promise and is set to become one of [the] top tier players in the global data and digital advertising industries.”
Operating in the data as a service (DaaS) segment, Eyeota is likely to face tremendous competition. With advertising technology a crucial part of the digital capabilities of contemporary businesses, digital advertising and marketing ventures are encountering a market facing significant challenges.
According to TechCrunch, the adtech segment is oversaturated and has witnessed initial public offerings (IPOs) with poor performance, with large adtech firms seeing significant declines in valuation upon a public listing. Despite this, Gartner predicts CMOs will spend more on technology than CIOs by 2017 amidst a transformation of roles as digitisation impacts corporations.