tvScientific raises $20m in Series A funding
April 21, 2022
tvScientific, the advertising platform built for the connected TV (CTV), has raised $20 million (€18.3m) in Series A funding to expand on its mission to make TV advertising a massive growth driver for brands and apps of all sizes.
The round was led by Norwest Venture Partners, with participation from strategic partners NBCUniversal and Hearst Ventures.
“Advertisers have always coveted the reach and engagement of television, but the medium’s immeasurability has made it inaccessible to all but the biggest brands,” said Jason Fairchild, co-founder and CEO of tvScientific. “We’ve unlocked the awesome power of television for all types of advertisers by simplifying and automating CTV buying and optimisation while leveraging massive data to prove the value of TV advertising.”
“The reality is that the $72 billion US television advertising market is dominated by fewer than 500 national advertisers,” added Jeff Crowe, managing partner, Norwest Venture Partners. “CTV opens the door for many new advertisers to pursue performance advertising in an effective and cost-efficient way. tvScientific has practically eliminated the friction in CTV advertising and made it far easier for businesses of all sizes to buy CTV inventory with the control, measurement and accountability they’re accustomed to getting from search and social channels.”
The funding brought tvScientific’s total amount raised to $23 million, including a $3 million seed round from IdealabX, AperiamVentures, and angel investors from companies such as Yahoo!, Kabam, Integral Ad Science, GoFundMe and others. The company was founded by senior executives with deep roots in digital media, programmatic advertising, and ad verification, including Bill Gross, founder of GoTo.com; Jason Fairchild, co-founder of OpenX; Kent Wakeford, former COO of Kabam and co-founder of Integral Ad Science; and David Koye, former chief digital officer of SummitMedia.
The company says it will use the new funding to grow its customer base, hire for key roles in engineering, product, data science, marketing, sales and other departments, and continue innovating the product in support of the company’s mission of making TV accessible, measurable and performant for all businesses.