SilverPush raises US$5mil in Series B funding
By Digital News Asia February 19, 2019
- Funds will be used to expand further in the APAC region; increase its AI capabilities
- Will also look to tap into the OTT space with its newly launched product, Mirrors
SILVERPUSH, the Singapore based marketing technology platform, on Feb 19 announced that it raised US$5 million (RM20.39 million) in Series B funding led by FreakOut Holdings, Inc, a global marketing technology company.
[US$1 = RM4.0778]
The funding will be used to further expand their business globally, including new markets in the APAC region such as Hong Kong, Australia, and South Korea; and increase its AI capabilities, with a view of applying the technology in industries outside of advertising in the future.
The company will also look to tap into the OTT space with its newly launched product, Mirrors, and relaunch another product, Prism, as a brand reputation monitoring platform.
“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 multiscreen 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,” said SilverPush chief executive officer Hitesh Chawla (pic, right).
“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 US$25 million over the next two years.”
SilverPush uses AI to improve the engagement between brands and consumers. The company’s latest product, Mirrors, was launched in late 2018 to help contextualise ads when people are viewing video content on their devices – therefore aiming to tackle the US$170 billion global problem of misplaced online advertising.
Using AI with computer vision, Mirrors detects context in video content that aligns with an advertiser’s core communications objectives, allowing them to effectively target their ads in a world already cluttered with advertisements. This contextual approach to marketing seeks to revolutionise the way that brands engage with their audience.
Talking about the investment, the CEO of FreakOut Holdings, Inc, Yuzuru Honda 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 supported the campaigns of regional brands in APAC such as Indofood, Unilab and Tiger Beer – as well as international brands such as Unilever, KFC, Coca-Cola, Samsung, Johnson & Johnson and many more.
In addition to India and Southeast Asia, SilverPush is also present in South Africa, Tanzania, Egypt and the United Arab Emirates. With an aim to further amplify its business presence in APAC region in 2019, the company plans to become a leading platform for video content ads in the region.