SilverPush, an artificial intelligence-based marketing technology platform, is expanding globally after raising $5 million in a Series B funding round led by Japan’s FreakOut Holdings Inc., according to a company announcement.
The Singapore-based company, which was founded by Hitesh Chawla, Mudit Seth and Alex Modon in October 2012, said it will use the fresh funds to expand to new markets, including Hong Kong, Australia, and South Korea, as well as to augment its AI capabilities.
The company is now present in 12 markets across Asia and Africa, including India, Indonesia, Thailand, Malaysia, the Philippines, Vietnam, Singapore, South Africa, Tanzania, Egypt, and the United Arab Emirates.
SilverPush develops cross-device tracking and targeted advertising products that seek to improve the engagement between brands and consumers. Its latest product, Mirrors, utilises AI with computer vision to detect context in video content to provide targeted advertisements.
Its customers include Indofood, Unilab, Tiger Beer, Unilever, KFC, Coca-Cola, Samsung, and Johnson & Johnson.
“We’ve seen rising customer appetite for on-demand and multiscreen viewing across the APAC region; and at the same time advertisers and brands have become more open to integrating new technologies in their audience outreach strategies,” said SilverPush CEO Hitesh Chawla.
FreakOut Holdings, the investor in SilverPush’s Series B funding round, is also a marketing technology company with global operations. It claims to be Japan’s first and largest demand-side platform that provides programmatic solutions delivering in-feed display and video formats across 3,000 publishers.
“The internet video advertisement industry is growing quickly across the Asia Pacific region. We are strong believers in SilverPush’s high level of technology and outstanding product, and see a huge opportunity for them to grow and scale across APAC,” said FreakOut Holdings CEO Yuzuru Honda.
According to an analysis released last year by Media Partners Asia (MPA), the online video industry in the Asia Pacific region is forecast to more than double its share of total video industry revenues from 9 per cent in 2017 to 20 per cent by 2023.
Advertising and subscription fees across TV and online video in the Asia Pacific (excluding China) grew 3.9 per cent in 2017 to reach $60 billion. TV revenues inched up 1.2 per cent in 2017 while online video revenues expanded 45 per cent to $5.2 billion, according to the MPA report.