SilverPush Raises $5 mn in Series B Funding

SilverPush, a marketing technology platform specializing in multi-screening, announced that it raised $5 million in Series B funding led by FreakOut Holdings, Inc., a global marketing technology company.

The funding will be used to further expand their business globally, including new markets in the APAC region such as Hong Kong, Australia, and South Korea; and increase it’s 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 relaunch another product, Prism, as a brand reputation monitoring platform.

Hitesh Chawla, CEO of SilverPush, said that since expanding into Southeast Asia in 2018, their business had grown 100 percent y-o-y with over 30 percent revenue clocked by our international business. They’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. With this new round of funding, they expect their global business to contribute to over 50 percent of revenue, and expect to hit an annual target of $25 million in the next two years or so, he said.

SilverPush uses AI to improve the engagement between brands and consumers. The company’s latest product, Mirrors, was launched in late 2018 to help contextualise ads when people are viewing video content on their devices – therefore aiming to tackle the $170 billion global problem of misplaced online advertising. Mirrors detects context in video content that aligns with an advertiser’s core communications objectives, using AI with computer vision, and thereby allowing them to effectively target their ads in a world already cluttered with advertisements. This novel approach to marketing seeks to revolutionise the way brands engage with their audience.

Yuzuru Honda, the CEO of FreakOut Holdings, Inc., said that the internet video advertisement industry is growing quickly across the Asia Pacific region. They 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.

Interestingly, SilverPush has already supported the campaigns of various regional brands in APAC including Indofood, Unilab and Tiger Beer and different international brands like Unilever, KFC, Coca-Cola, Samsung, Johnson & Johnson, to name a few.

In addition to India and Southeast Asia, SilverPush is also present in South Africa, Tanzania, Egypt and the United Arab Emirates. With an aim to further amplify its business presence in APAC region in 2019, the company plans to become a leading platform for video content ads in the region.