SilverPush, a marketing technology platform specialising in multi-screens, has raised $5 million in Series B funding led by global marketing technology company FreakOut Holdings. The funding will be used to further expand SilverPush’s business globally, including new markets in the Asia Pacific region such as Hong Kong, Australia, and South Korea; and increase artificial intelligence (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 re-launch 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 multi-screen 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 Hitesh Chawla, CEO, SilverPush. “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.”
SilverPush uses AI to improve the engagement between brands and consumers. The company had launched Mirrors in late 2018 to help contextualise ads when people are viewing video content on their devices. 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. Yuzuru Honda, CEO, FreakOut Holdings, 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.