Innovid, a video advertising platform, has picked up $30m in financing from Goldman Sachs’ Private Capital Investment group. Innovid intends to use the pre-IPO funding to improve innovation and leadership in the connected TV (CTV) advertising technology market and expand the company’s global reach.
“Innovid continues to push the boundaries for what is possible with video advertising across all screens, especially on CTV,” said Zvika Netter, chief executive officer and co-founder of Innovid. “Our technology platform is enabling new advertising models, including addressable and interactive ads, that are ushering in a new era of personalization and relevancy for CTV viewers. With this funding, Innovid will complete the development of the first 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 for brands, media and creative agencies, and publishers.”
Innovid was recently named a Fastest Growing Company in North America on Deloitte’s 2018 Technology 500, and creates, delivers, and measures video ads for brands such as L’Oreal, Toyota, Bank of America, GlaxoSmithKline, and Campbell’s. Innovid primarily works with publishers such as Hulu, Roku, and Fox, aiming to optimize CTV and enhance the customer experience. The platform has also played a key role in the creation of consumer choice-based engagement ads and live internet TV campaigns.
Innovid recently launched OTT Composer, a self-service authoring tool that helps create and publish experiences for CTV advertising. With the launch, the company hopes to better allow advertisers to scale dynamic creative in the current fragmented CTV landscape. Innovid’s CTV audience currently reaches 75m households, using Roku, Amazon Fire, Apple TV, Samsung TV and more.
“As an early mover in CTV with established inventory supply partners, Innovid is well positioned to capture the massive secular shift in CTV consumption,” said Hillel Moerman, head of Goldman Sachs’ Private Capital Investing group. “Innovid has differentiated video advertising software and technology, and has the scale and the reach to succeed, with access to significant supply beyond CTV, including platforms such as Facebook, Instagram, YouTube, Snap and others.”