Adverity, a data analytics startup targeting applications in media, marketing, and ecommerce, today announced that it raised $30 million in equity financing, bringing its total raised to $50 million.
By accelerating R&D and growth within Adverity’s offices domestic and abroad, the fresh capital could help the company’s customers — among them Ikea, Red Bull, Unilever, MediaCom, and IPG Mediabrands — address the challenges AI and machine learning present with respect to productization. According to Algorithmia, 50% of companies spend between 8 and 90 days deploying a single AI model, with 18% taking longer than 90 days.
Adverity offers a cloud-agnostic data integration module that collects and transforms advertising, analytics, retail, social, and website data from various sources (including affiliate networks, web tracking tools, offline files, and TV audience metering systems), preparing it for further processing and analysis. Once standardized and stored, the data can be pushed to virtually any destination, including Adverity’s own Insights module or various on-premises solutions, cloud data warehouses, data lakes, and business intelligence tools.
The Insights module lets users create shareable dashboards for reporting KPIs, engagement metrics, marketing return on investment, business results, campaign performance, and growth patterns. Optionally, Insights can generate visualizations to elucidate trends over time, while PreSense — Adverity’s augmented analytics product — taps machine learning to analyze data, identify trends and anomalies, and deliver suggestions for improvements.
Adverity competes with a number of startups developing platforms that promise to unify and model marketing data. Panoramic emerged from stealth in September 2019 with $35 million in funding, shortly after predictive sales analytics company 6Sense announced a $27 million round. Pyze recently raised $4.6 million to further develop its suite of AI-driven analytics and marketing tools. There’s also Funnel, Superwise.ai, Dremio, and ActionIQ, to name a few others.
CEO Alexander Igelsböck says that over the past 12 months, Adverity — which is headquartered in Austria, with offices in New York and London — notched growth in annual recurring revenue of more than 100%. “Our platform plays a crucial role in helping enterprises become agile, empowering digital teams with intelligent insights,” he said. “It is imperative we invest in evolving and developing new solutions, improving access and quality, and tackle the challenges of data complexity.”
Sapphire Ventures led this latest funding round in Adverity — a series C — which saw participation from existing backers Mangrove Capital Partners, Felix Capital, SAP.iO, and Aws Gründerfonds. Igelsböck says the funding will be used to expand the company’s technology and commercial teams.
Igelsböck, Martin Brunthaler, and Andreas Glänzer cofounded Adverity in 2015 after launching a price comparison technology company that was acquired by Heise Media. Igelsböck and Brunthaler met each other at VeriSign; Glänzer had a sales role at Google and was the regional sales head at iProspect.