LoopMe, an advertising startup which uses artificial intelligence (AI) to optimize mobile video advertising, has raised $10 million venture capital investment led by Impulse VC and Harbert European Growth Capital, with participation from Holzbrinck Ventures and Open Ocean Capital.
Founded in 2012 by Stephen Upstone and Marco van de Bergh, London-based LoopMe unites all the popular mobile video ad formats, covering pre-roll, HTML5, and the VAST ad-serving standard. The platform automates the placement of ads in real-time and optimizes based on metrics such purchase intent or offline sales. The technology “learns” how end users are reacting to the ads and make further changes, based on how the user is responding.
LoopMe has secured some impressive global brands as clients, including the likes of Microsoft, Disney, Airbnb, and Honda.
LoopMe have now raised a total of $17.5m funding to date and to coincide with its latest raise the company released a statement which says it will continue to push it’s “global growth and continued investment in artificial intelligence technology,”
“AI-driven video ads are the future of brand marketing,” said CEO and co-founder Stephen Upstone. “LoopMe’s technology opens up a window into people’s thoughts and feelings, discovering what they like and dislike, which elements can trigger a reaction or a measurable, physical and emotional response. This makes brand advertising significantly more effective at driving brand KPIs, footfall and offline sales.”
LoopMe Achieved their first full year of profitability in 2016, and they have opened new offices in Los Angeles, Bangalore, Johannesburg, and Moscow, with additional expansion scheduled for this year in Amsterdam, Singapore, and Chicago.
With digital ad spending now exceeding TV ad spending, and mobile now overtaking that of desktop ad spending in some markets, it’s not surprising to see companies such as LoopMe secure substantial investment. Elsewhere, LoopMe competitor Spotad landed $3.5 million and launched its AI-driven mobile ad tech into China.
AI is now becoming a major disruptive factor to across pretty much every industry from automated cars to disease diagnosis, so given the huge budgets of advertisers, it was a matter of time before it did the same in the advertising industry.
To follow Henry Joseph-Grant on Twitter click here
— LoopMe (@LoopMe) March 7, 2017