Mobile ad targeting company UberMedia is announcing that it has raised $8 million in new funding.
UberMedia first became known for creating social apps, and it still offers the Twitter apps UberSocial, Echofon, and Plume. However, its focus has shifted to the UberAds platform that it launched a year ago.
In today’s funding release, CEO Bill Gross said his mission is “to reinvent mobile advertising.” I met with Chief Revenue and Marketing Officer Michael Hayes earlier this year, and he told me that UberAds uses data (particularly data drawn from its social apps) to find correlations between what people are tweeting about and their consumer intent. It then uses that data to optimize ad campaigns and help marketers reach a desirable audience.
The company says its revenue grew 300 percent in 2013, with UberAds reaching more than 400 million devices and 4 billion impressions each month.