LoopMe, a digital advertising firm that uses artificial intelligence (AI) to optimize mobile video advertising, has raised $10 million in a funding round led by Impulse VC and Harbert European Growth Capital, with participation from Holzbrinck Ventures and Open Ocean Capital.
Founded out of London in 2012, LoopMe unifies all the popular mobile video ad formats, covering pre-roll, HTML5, and the VAST ad-serving standard. In a nutshell, the platform replaces humans with algorithms that determine the placement of ads in real time, based on metrics such as purchase intent or offline sales. The technology “learns” how viewers are reacting to the ads and changes them based on how a user is responding.
The company’s platform has been used by a host of well-known brands, including Microsoft, Disney, Airbnb, and Honda.
Before now, LoopMe had raised around $7 million in funding, and with its latest cash influx the company says it will continue to push its “global growth and continued investment in artificial intelligence technology,” according to a company statement.
“AI driven video ads are the future of brand marketing,” said CEO and cofounder Stephen Upstone. “LoopMe’s technology opens up a window into people’s thoughts and feelings, discovering what they like and dislike, which elements can trigger a reaction or a measurable, physical and emotional response. This makes brand advertising significantly more effective at driving brand KPIs, foot traffic and offline sales.”
LoopMe says it reached its first full year of profitability in 2016 and opened new offices in Los Angeles, Bangalore, Johannesburg, and Moscow, with additional hubs scheduled to open this year in Amsterdam, Singapore, and Chicago.
With digital ad spending now exceeding TV ad spending, and mobile, specifically, outpacing desktop ad spending in some markets, it’s not surprising to see companies such as LoopMe nab further investment. And it isn’t alone in the AI-driven ad realm either — just last month, Spotad landed $3.5 million and launched its AI-driven mobile adtech into China.
As we’re seeing from across the technological spectrum, AI is increasingly being put to use in myriad industries, from automotive to medicine, so it only makes sense that digital advertising receives the AI treatment too.