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In a sign of just how much investment is being injected into programmatic ad tech, RadiumOne has secured US$54 million in a new capital raising round to bolster its technology platform and growth ambitions.
The vendor, which launched its programmatic advertising platform in Australia last year, secured the $54m in equity and debt financing in an investment round led by Harmony Partners which included Industry Ventures as well as existing investors, Adams Street Partners, Crosslink Capital, Trinity Ventures and DFJ Esprit.
In a statement, RadiumOne said the funding will be used to increase investment in its self-service programmatic advertising platform, Activate, as well as to further developed its patented big data and software analytics capabilities around social sharing behaviours.
It will also look to further expand its global reach in Asia-Pacific and Europe. To date, the company has raised more than $87 million in debt and equity.
“There is a rush of digital advertising spending coming into the marketplace,” RadiumOne CEO, Bill Lonergan, said. “This added capital allows us to further invest in innovative technology, prepare for future advertising opportunities, and serve growing ad markets around the world.”
Kerry McCabe, RadiumOne’s Asia-Pacific managing director, added the group has ambitious plans for the Asia-Pacific markets and flagged a stronger presence now being established in the second half of this year.
According to a company statement, RadiumOne claims it is already profitable and achieved its strongest financial performance in the second half of 2014. It also claims to be on track to exceed 2015 goals. It now has more than 1000 customers in 12 countries, representing sectors such as financial services, travel, retail, telecom and entertainment.
“Marketers are continuing their march towards programmatic – not just with online, video and mobile display ads, but with rich media formats as well,” Lonergan commented.
He pointed to eMarketer estimates, which put US programmatic digital ad spend across display and video at $24 billion by 2016.
Harmony Partners managing partner and co-founder, Mark Lotke, said RadiumOne was at a pivotal time in its company trajectory.
“The company’s leadership has generated impressive business gains and returns, with each successive quarter outperforming the previous one,” he said. “As more media channels are being bought and sold programmatically, RadiumOne’s incredible momentum is a sign of the bright future for digital advertising.”
Last month, Foxtel’s Multi Channel Network and AOL Platforms announced they had joined forces to launch programmatic TV inventory buying in Australia through their own private trading exchange.
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