Ad-Tech Firm Simulmedia Takes $29M in Series E Funding Round
Simulmedia, an advertising technology company that offers targeted TV buying tools, announced that it has taken in $29 million in Series E funding. The round was led by Union Square Ventures, and included participation from current institutional investors, which include Avalon Ventures, WarnerMedia, and Valiant Capital. As part of the round, David Levy, the former president of Turner Broadcasting, is rejoining the company's board of directors.
The funding will help Simulmedia prepare for what it forecasts as a season of strong growth. Writing in a blog post, CEO and co-founder Dave Morgan notes that the company has seen revenues double in the half-year since it unbundled its targeted TV media offering and converted it into a software-driven national TV marketplace. Called D2Cx.com, it offers over 200 billion cable and broadcast ad impressions each week, and differentiates itself with small minimums and fast reporting.
"Clearly, the mission that Simulmedia was founded on more than 10 years ago—to help advertisers and media owners solve for the growing fragmentation, waste, and opacity in TV and premium video advertising while driving more campaign yield—is resonating," Morgan writes.
Levy had been a member of Simulmedia's board two years ago representing TimeWarner (later WarnerMedia), but resigned the seat when he left the company in February. He now joins the board as an independent director.
Development of open source code that will let advertisers measure video ad viewability across ad networks will be overseen by the IAB Tech Lab.