Multi-channel video platform Innovid has raised $27.5m (£19m) in its latest funding round, with investors including New Spring Capital, Cisco Ventures, Sequoia Capital Israel, Genesis Partners and T-Venture.

The firm plans to use the new investment to fuel further growth, building on the success it has seen during 2015. Brands including Best Buy, Chrysler and WalMart have made use of the companys multi-channel video platform, and Innovid now exclusively serves video ads for more than 40 per cent of the top 200 TV advertisers in the US.

The companys solution enables advertisers to serve pre-roll and full-screen video ads across mobile, desktop, gaming consoles and connected TVs, with one of the largest video publisher certification footprints on the market.

“We are excited about this latest investment that will further enable us to accelerate our business in the rapidly-evolving market of TV,” said Zvika Netter, CEO and co-founder of Innovid. “With the majority of video advertising technology owner by media interests, Innovid has remained firmly media-neutral and open in its approach to video ad delivery, and therefore, have been favoured by marketers who see value in partnering with an unbiased vendor that is purely focused on tech innovation.”

“Innovid has not only built competitive video technology, but was also able to demonstrate strong financial KPIs – and being profitable early on is one of them,” said Glenn Ringer, general partner at New Spring Capital. “We are thrilled to add Innovid to our portfolio of successful technology companies, and help them accelerate their growth.”