Gurgaon and San-Francisco based startup Silverpush has secured 8.2 crore funding from Hiro Mashita led Japanese early-stage investment firm, M&S Partners. IDG Ventures India and Dave McClure-led incubator and investor 500 Startups which are among the existing investors also participated in the funding round.
These fresh funds will be used in the development of a new platform by the company called PRISM which would help brands to measure their television ratings of their ad commercials.
Initially, in April last year the company raised INR 9 crore in funding IDG Ventures India and Ronnie Screwvala’s Unilazer Ventures and was also a part of incubation batches of GSF Accelerator and 500 Startups and received $100K from both the incubators. Now with the latest round of funding, its latest product PRISM aims to solve the most pressing concern of advertisers to gauge the ratings of their ads.
Traditionally, it takes days and sometimes even months after the ad has been relayed to measure its effectiveness on brand awareness, website traffic and other data. With PRISM, the companies would be able to get quick insights about their ads being run on TV.
Advertisers will get insights from metrics like video completes,effect of ad day part on website traffic and even lift in brand awareness while campaigns are still in flight, allowing them to improve their TV campaigns. This will be a complete shift from the lag in traditional TV reporting where insights come after a delay, say in days, weeks or even months after TV campaigns have gone live,
said Hitesh Chawla, co-founder and chief executive of SilverPush.
Silverpush was founded in the year 2012 by Hitesh Chawla and Mudit Seth and provides new age cross-platform analytic to brands and companies which give them crucial insights about the feedback of users to their ad commercials on TV.
With such data related to TV commercials, companies can come up with targeted mobile ads. The technology essentially consists of an audio beacon signal embedded into tv commercials which are picked up silently by an app installed on a user phone (unknown to a user).
A rough profile of user is then created, containing information about where the ad was watched, for how long did the user watch that commercial before changing the channel, which kind of mobile device is user using and so on. Based on this, the companies can efficiently allocate their resources towards developing targeted mobile based ads and move from traditional TV commercials.
The company reportedly has agreements with about 6-7 apps to incorporate this technology in their app to catch signals from TV and claims to have data of 18 million smartphones already. It has already created mobile ads for over 50 brands in six countries including Google, Dominos, Samsung, Candy Crush, Airtel, P&G, Kabam and Myntra. The company shifted its main base to San Francisco in 2013.