In-image ad network GumGum has raised $7 million in new funding from NEA with GRP and First Round Capital participating in the round. This brings GumGum’s total funding to $11 million.
GumGum’s in-image ad platform reaches 110 million unique visitors and serves billions of in-image ads per month. Co-Founded in 2007 by Ophir Tanz, GumGum works with online publishers like Time Warner, Hearst Corporation, Tribune, TMZ, Gannett and Glam Network to turn photographs into interactive experiences by overlaying text, banner or Flash ad units on top of the images.
For advertisers, GumGum’s proprietary image recognition and targeting technology aims to garner engagement through highly targeted campaigns. GumGum says that its campaigns yield 20 times the click-through rates than traditional ad networks. And the company has been profitable since early 2011.
The new funding will be used to grow the ad sales infrastructure and team, towards the development of proprietary image recognition, ad serving, and ad matching technologies and for the expansion into additional territories.