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In a major move that is likely to reshape the landscape of connected TV (CTV) advertising, tvScientific has closed a $25.5 million Series B funding round. This investment speaks volumes about the company’s efforts to make TV advertising as accessible, measurable, and performance-driven as search and social media.
About tvScientific
Founded with the ambition to democratize TV advertising, tvScientific offers a performance advertising platform focused specifically on CTV. Simplifying and automating CTV ad buying and optimization, while utilizing deep analytics on vast sets of data for measurable outcomes aligned with digital marketing, tvScientific bridges this gap between television and modern ways of marketing and enables businesses to see the true return on investment in their advertising efforts on the small screen.
Founders and Leadership
tvScientific founder industry veterans with a wealth of experience in technology and advertising:
Jason Fairchild (Co-Founder & CEO): With a background in digital advertising, Jason previously co-founded OpenX, a prominent programmatic advertising technology company. His leadership at tvScientific focuses on integrating performance-driven approaches into the TV advertising ecosystem.
Bill Gross (Co-Founder): A serial entrepreneur and founder of Idealab, Bill has a history of pioneering innovative business models. His involvement with tvScientific aligns with his vision of bringing digital-like measurability to TV advertising, reminiscent of his work with GoTo.com in 1998, which introduced the paid search model.
David Koye (Co-Founder): David’s expertise complements the founding team, contributing to the development and execution of tvScientific’s strategic initiatives.
Funding Details
This Series B funding round totals $25.5 million, led by NewRoad Capital Partners, which has experience in investing in growth-stage innovative companies. Most importantly, it welcomes on board Roku, one of the giant streaming players, marking its first investment in tvScientific.
Second Alpha Partners, as well as some existing investors, such as Norwest Venture Partners, S4S Ventures, and Progress Ventures, contributed to the round.
This infusion of capital follows a previous $20 million Series A round in April 2022, which was led by Norwest Venture Partners with participation from NBCUniversal and Hearst Ventures. The continued support from existing investors, along with the addition of new strategic partners, highlights the confidence in tvScientific’s vision and the growing importance of performance-driven CTV advertising.
The Vision: Democratizing TV Advertising
The mission is to expand the total addressable market for television advertising by establishing the category for Performance TV; it aims at providing CTV advertising with all the performance capacities and metrics for which performance-oriented advertisers have gravitated toward new digital-native media, such as search and social media.
Open up TV for more businesses as a means through which they might achieve measurable effects and a clean ROI.
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The Advancing CTV Advertising Market
The CTV advertising market has reached around $30 billion currently and is set to grow into $42 billion by 2028 as people are moving increasingly from traditional linear TV to stream platforms. As much as it is growing, the TV ad landscape is largely still designed with brand advertisers using metrics such as reach and frequency.
This has traditionally marginalized performance buyers, which view programmatically measurable outcomes as top priorities–a hole tvScientific looks to fill with its approach to performance-driven CTV buying.
Post-Funding Strategic Plans
With new funding in the bank, tvScientific has several strategic plans in its pipeline:
Platform Enhancement: Invest in the development of more advanced features that will continue to bring simplicity and automation to CTV ad buying and optimization, so advertisers can see measurable performance at scale.
- Market Expansion: Broaden its reach to include a wider range of businesses, particularly those that have traditionally relied on digital advertising channels, by demonstrating the measurable ROI achievable through CTV advertising.
- Partnership Development: Strengthen existing partnerships and establish new ones with key players in the streaming and advertising industries to enhance the platform’s capabilities and reach.
- Talent Acquisition: Expand the team by attracting top talent in technology, data analytics, and advertising to drive innovation and support the company’s growth objectives.
The Future of Performance TV
The company can lead the game to a rather profound shift occurring within the domain of advertising based on its modern thinking. Bringing performance-driving methods into advertising using CTV helps expand availability by setting measures to accountabilities anew. Further with the exponential rise of this particular market-the very platform introduced by tvScientific will certainly hold the greatest appeal for such enterprises seeking TV capabilities for better returns in measurement-related marketing prospects.
