$5 Million Raised by Silverpush in Series B FundingPUBLISH DATE: 22 February 2019
The company is also looking forward into the OTT space with its newly launched AI-powered in-video context detection platform – Mirrors, and relaunching of a brand reputation monitoring solution – Prisms.
Silverpush, a leading marketing technology provider, has raised $5 million from Japan-based FreakOut Holdings in its Series B funding.
Silverpush will utilize this funding for its global expansion plan. Funding will help it to enter into new markets in the APAC region including Hong Kong and Australia, among others. The funding will help Silverpush to extend its AI capabilities even to fields beyond advertising.
The company is looking forward to use Mirrors to capitalize on the OTT space and re-launch its product, Prism, for monitoring brand reputation.
Hitesh Chawla, CEO of Silverpush, said – “Since expanding into Southeast Asia in 2018, our business has grown 100% y-o-y with over 30% revenue clocked by our international business. We’ve seen rising customer appetite for on-demand and multi-screen 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.
He further added – “With this new round of funding, we expect our global business to contribute to over 50% of revenue, and expect to hit an annual target of $25 million over the next two years.”
Silverpush facilitates consumers’ engagement with brands through the use of artificial intelligence and computer vision. Its innovative product, Mirrors, effectively detects contexts in video ads to serve relevant ads that have much higher chances of being viewed or clicked.
The contexts detected by Mirrors in video content aligns perfectly with a brand’s communication objectives, enabling effectively ad targeting and getting an edge over competition.
Yuzuru Honda, CEO of FreakOut Holdings, said – “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.”
Silverpush has already proved its mettle by delivering successful campaigns for both APAC and international brands. Some of the noteworthy brands that Silverpush has served include Tiger Beer, KFC, Samsung, and many others. Apart from the APAC region, Silverpush has established itself in many other countries including South Africa, Egypt, UAE, and others.