In the US, measurement and analytics company EDO has raised $12m in a Series A round of financing, which it will use to scale up its national sales and analytical coverage, technical talent and new product development.
Founded in 2015 by Daniel Nadler and Edward Norton and headquartered in Los Angeles and New York City, EDO applies data science and behavioral metrics to help its clients - marketers, TV networks and movie studios - generate value from their creative efforts and media investments. The company focuses on delivering insights into the effectiveness of TV ads in driving the types of consumer engagement most closely tied to purchase activity. By measuring the impact of each national linear TV ad airing on consumer intent, and amassing a database of more than 47 million measured airings over the past three and a half years, EDO says it can offer marketers real-time clarity about their TV campaign's creative and media performance, as well as competitive intelligence.
The new funding round was led by Jim Breyer of Breyer Capital, with participation from the co-founders of Vista Equity (which earlier this year, acquired Integral Ad Science) and WGI Group, which was founded by ad industry execs including Jonah Goodhart, the co-founder and CEO of digital ad analytics firm Moat. The new funds will partly be used to build new data sets to reveal consumer intent across live and non-live TV ads.
Commenting on the investment, Breyer said: 'For more than a decade I've watched the data science talent arbitrage transform industries from finance to defense, from transportation to commerce. We needed someone to bring these capabilities to bear on the systemic inefficiencies and methodological shortcomings of measurement and analytics in media and advertising. EDO's data is quickly becoming an essential part of the decision-making and pricing matrix'.
Web site: www.edo.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.