LoopMe, the mobile and artificial intelligence (AI) advertising company, just announced that it has raised $10 million in a round led by Impulse VC and Harbert European Growth Capital. Participating investors include Holzbrinck Ventures and Open Ocean Capital.
The cash is likely to be used to boost LoopMe’s AI endeavours.
Founded in 2016, the London-based firm provides a range of mobile video and display advertising formats. Its flagship product PurchaseLoop uses AI to optimise brand metrics such as purchase intent or foot traffic as well as offline sales. Among big brand names which have tested the format are Microsoft, Honda, Heineken (Birra Moretti), Airbnb and Disney.
Johan Kampe, Senior Managing Director, LoopMe, explains that with mobile video ads set to overtake desktop next year, “LoopMe have a credible track record of growth which creates a compelling investment opportunity for Harbert”.
LoopMe’s latest funding round was in 2015 when it received $7 million. The company has been profitable as of last year and more than doubled sales revenue. It also expanded its reach by opening offices in LA, Bangalore, Johannesburg and Moscow. For 2017, the company plans to establish presences in Amsterdam, Singapore and Chicago.
Stephen Upstone, CEO and Founder, LoopMe, adds:
“AI driven video ads are the future of brand marketing. LoopMe’s technology opens up a window into people’s thoughts and feelings, discovering what they like and dislike, which elements can trigger a reaction or a measurable, physical and emotional response. This makes brand advertising significantly more effective at driving brand KPIs, foot traffic and offline sales.”
The firm is certainly onto something with its AI driven products. A survey of 500 marketing managers showed that 78% felt confident that AI could be used in advertising. However, just 10% were actually using it. There’s a lot of room for growth here.
In addition to the funding announcement, LoopMe has added George John, an AI specialist who worked at NASA and founded AI-led marketing platform RocketFuel, to its board of directors.
“George John is a giant in the AI & advertising industry and we are delighted to welcome him to the board. His experience of growing advertising businesses and developing industry-leading technology is invaluable as LoopMe continues to pursue an ambitious growth strategy worldwide.”