All-Star Investment Team With Deep Expertise in Advertising, Digital Video and Media Backs Interactive Television and Video Ad Exchange
CAMBRIDGE, MA--(Marketwire - March 5, 2013) - clypd, the interactive television and video ad exchange, today announced it has closed a $3.2 million Series A investment round led by Scott Savitz of Data Point Capital and Ryan Moore of Atlas Venture. Additional venture capital investors include Freestyle Capital, Tribeca Venture Partners, Boston Seed Capital, and Transmedia Capital.
clypd was founded by Joshua Summers and Doug Hurd, two entrepreneurs and former PayPal Media Network executives who have a strong advertising technology pedigree and deep expertise in operations, product, business development and driving revenue growth. Summers and Hurd left PayPal Media Network just three months ago to bring an online and mobile advertising model to interactive television.
"We're at a turning point in TV advertising where cable and satellite operators, television networks and video streaming services need to look beyond traditional linear advertising models to capture a piece of the exploding digital advertising market. Using proven advertising technologies in online and mobile, clypd helps bridge the gap between these two worlds and makes it a reality in television," said Joshua Summers, Founder and CEO of clypd. "We are incredibly excited to see such strong support from the investment community and the substantial interest in this type of solution from our business partners."
The company also received funding from a virtual who's who of angel investors from the ad tech, video and media industry including:
- Adam F. Berrey the former SVP Marketing & Strategy of Brightcove
- Ric Calvillo the CEO of Nanigans
- David S. Chang the COO of the PayPal Media Network
- Jeffrey Chow the CEO of Springpad
- Ernie Cormier the CEO of Nexage
- Walter Doyle the CEO of WHERE and GM of the PayPal Media Network
- Mike Garrido the President of Trident Ventures
- Rich LeFurgy General Partner of Archer Advisors and the Founding Chairman of the IAB
- Jennifer Lum the President of Adelphic Mobile
"The clypd team has a proven track record of driving growth, which I've seen firsthand while we worked together at WHERE," said Chip Meakem, Managing Partner of Tribeca Venture Partners. "As media consumption continues to change dramatically, we see a huge opportunity leveraging advancements in advertising technologies and applying it to TV and video. We're excited to see how they progress in this fast-paced market."
"The IAB teamed with Nielsen recently and found that a 15 percent shift from linear TV ad spend to online advertising builds a more effective reach at a lower cost1," said Rich LeFurgy from Archer Advisors and the Founding Chairman of the IAB. "clypd is offering agencies, ad networks and publishers the best of both worlds by providing closed-loop advertising solutions while delivering contextually relevant ads anywhere video is consumed."
"TV advertising has been linear since the beginning of broadcast," said Jim Tobin, former senior executive of Comcast Cable and clypd advisory board member. "clypd's technology will enable real-time bidding using deeply contextual information and interactive placements to give advertisers a new means of reaching audiences with ads that match the true interests of the consumer."
clypd is an exchange for interactive television and video advertising. The company's technology is designed to help agencies, publishers and ad networks drive engagement through contextually relevant advertisements on interactive televisions. The company was founded in 2013 and is funded by Data Point Capital, Atlas Venture, Freestyle Capital, Tribeca Venture Partners, Boston Seed Capital, and Transmedia Capital. For more information, please visit www.clypd.com or follow the company on Twitter at @clypd and become a fan for regular updates via Facebook at www.facebook.com/clypd.