AI Marketing Tech Startup SilverPush Raises US$5M Series B Funding
- Written by TechXO Team
- Category: Martech
- Hits: 128
Singapore-based AI marketing tech startup, SilverPush, has now secured US$5 million in Series B funding led by FreakOut Holdings, a global technology investment company based in Japan.
SilverPush plans to use the fund for further expansion of its business globally. The company targets new markets in the Asia Pacific region like Hong Kong, Australia, and South Korea. It looks to improve consumer-brand interaction and distinguishes itself from other competitors with the use of artificial intelligence (AI) context detection technology. SilverPush will also explore the over-the-top players in the area using its recently launched Mirrors, and the re-launched Prism as a platform that monitors the brand reputation.
Hitesh Chawla, co-founder, and CEO of SilverPush said, “We’ve expanded into Southeast Asia in 2018, and we’ve seen rising customer appetite for on-demand and multi-screen viewing across the APAC region. At the same time, advertisers and brands have become more open to integrating new technologies in their audience outreach strategies.”
“Since expanding into Southeast Asia in 2018, our business has grown 100% year-on-year with over 30% revenue clocked by our international business. 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.” Chawla added.
The mobile ad re-targeting platform delivers cross-device mapping solutions to various popular brands and assists them to analyze the user’s behaviors by mapping data points generated by multiple devices into a unique mapping ID. SilverPush operates in India, Singapore, Asia-Pacific, South Africa, Tanzania, Egypt, and the United Arab Emirates (UAE).
"The core technology of our product is using AI for detecting content in a video such as a logo, face, etc. There are hundreds of use cases, for instance, if someone is drinking coffee in a video, we can show cafe ads," said Chawla.
Mirrors, debuted in November 2018, aims to boost brand connections with video consumers through contextual marketing, The AI-driven context detection technology identifies faces, objects, brand logos, and even emotions. With Mirrors, it will be easier for an advertiser to target the right audience. By using AI with computer vision, Mirrors identifies the context in video content and delivers relevant in-video ads.
Kartik Mehta, Chief Revenue Oﬃcer of SilverPush, said, “Mirrors is the culmination of years of research to understand how users are engaging with brands when watching online video content. With Mirrors, we are creating endless contextual possibilities and are exploring every possible avenue to elevate the user experience for consumers; while helping established and emerging brands operating in APAC target their messages more eﬀectively.”
Videos are anticipated to be the next universal format of content. With Mirrors, it is SilverPush’s answer to the industry’s problem of random ads in videos.
Yuzuru Honda, CEO of FreakOut Holdings, said, "The internet video advertising 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 the Asia Pacific."
SilverPush was founded by Hitesh Chawla, Mudit Seth and Alex Modon in 2012. The company has a total of 6 products which include Prism, Parallels, DSP, Hexa, Javelin and the recent Mirrors.
The company has already supported the campaigns of APAC-based brands like Indofood, Unilab, and Tiger Beer and international brands such as Unilever, KFC, Coca-Cola, Samsung, Johnson & Johnson, and others.
The leading investor for SilverPush’s series B fund FreakOut Holdings Inc. is a marketing technology company that sells and develops marketing platforms. The company is based in Japan and is founded by Yuzuru Honda in 2010. FreakOut’s products include demand-side platform and a data management platform.