Veenome, a startup that analyzes video content to improve ad targeting (as well as analytics and SEO), just announced that it has raised $600,000 in new funding.
The company is also announcing a partnership with video ad network BrightRoll. Veenome CEO Kevin Lenane said this is part of a larger shift in strategy — the startup originally focused on providing its services to publishers, but is now trying to work with networks. Turns out that selling to publishers was a bigger challenge than expected (Lenane said many are “not as motivated by revenue as you might think”), while the new approach should give Veenome wider reach.
In fact, comScore recently reported that BrightRoll serves the most video ads of any network in the United States. A BrightRoll spokesperson told me that the company uses Veenome’s technology to classify video content, and that the startup is “one of many companies BrightRoll partners with to ensure brand-safe inventory to our clients.”
Veenome says its technology can translate video content into “actionable” data by dividing videos into different (Internet Advertising Bureau-based) categories, identifying objectionable or copyrighted content, and adding tags for brands, products, and faces. All of that can lead to smarter ad targeting and more useful campaign data, which in turn makes advertisers willing to pay higher CPMs. (The company says that it more than doubles CPM revenue for its customers.) Other Veenome customers include ad network Adtheorent and publisher Videofy.me.
The new funding comes from India Venture Partners, the Center For Innovative Technology, Piedmont Investment Advisors, UberOffices founder Ray Rahbar, Glen Hellman, Nick Tabbal, Dave Sandrowitz, and others. Veenome raised a $500,000 round last year, so this brings its total funding to $1.1 million.