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Silverpush raises US$5m in series B funding led by FreakOut
INDIA-based marketing technology platform SilverPush has raised US$5 million in a series B funding round led by FreakOut Holdings, a technology investment company.
SilverPush, which has a hub in Singapore, uses artificial intelligence to improve the engagement between brands and consumers. For example, its Mirrors product detects the context in video content that is aligned with an advertiser's objectives.
The company will use the proceeds to expand globally and to improve its artificial intelligence capabilities with a view to apply it outside of advertising. SilverPush is currently targeting new markets in the Asia Pacific, specifically Hong Kong, Australia and South Korea. It is also looking to tap into the over-the-top space.
"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,” SilverPush chief executive Hitesh Chawla said in a press release.
"With this new round of funding, we expect our global business to contribute to over 50 per cent of revenue, and expect to hit an annual target of US$25 million over the next two years."
Since expanding into South-east Asia in 2018, the company has seen business double with more than 30 per cent of revenue from its international business, the startup said. The company has worked on the campaigns of Indofood, Unilab, Tiger Beer, Unilever, KFC, Coca-Cola, Samsung and Johnson & Johnson.
FreakOut CEO 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 the Asia Pacific."