Compass Labs, which aims to provide targeted advertising on social networks like Twitter and Facebook, has raised $6 million from NEA, and Presidio Ventures. This brings the startup’s total funding to $12 million.
Launched at TechCrunch Disrupt two years ago, the startup provides a self-service advertising platform called CLIQ (Compass Labs IQ) that allows brands to serve targeted social media ad campaigns on Twitter and Facebook.
Compass Labs says that the startup differentiates itself from other social advertising options because it has created technology to identify audience segments in granular manner. For example, brands can target advertising based on household income. Founder and Google and Yahoo veteran Dilip Venkatachari says that the startup analyzes public data and mines look alike models to enhance advertising.
The new funding will be used towards product development and sales and marketing.