The coffers at Arlington-based Veenome are looking a bit fuller this week.
The company, which generates data about online video advertisements, plans to announce this week that it has raised $600,000 from a slate of investors and expects to expand its total head count to eight, founder Kevin Lenane said.
What’s more, the firm also inked a deal with San Francisco-based BrightRoll, one of the world’s largest video ad networks. ComScore data show Americans viewed 11 billion online video ads in October, and BrightRoll captured the largest share of them at 1.8 billion. It was the first month that the company surpassed the ad network behind Google’s YouTube, the firm said.
This is the second investment for Veenome. The firm raised $500,000 a year ago, but its business model has shifted since then. The company now focuses on collecting data for networks distributing the “pre-roll advertisements” that appear before you watch a video online.
The networks “have a limited amount of information on the content that their ads are running on,” he said. “This is our expertise. This is what we live and breathe. We can provide all of this extra information and their advertisers are asking for it.”
Lenane said advertising networks often do not know the subject matter of the video that appears after their pre-roll advertisement. Veenome can determine whether it is about sports, politics or entertainment, for example, as well as the length of the video and other key information.
As a result, corporate marketers and digital advertising networks are better able to match their video advertisements with material that is either relevant to their products or appeals to their target audience.
“To a brand advertiser spending millions of dollars a month on advertising like this, it’s extremely valuable information for them,” he said.
The upstart recently relocated from an office in the District’s Dupont Circle neighborhood to a co-working space just across the river in Arlington. The move opened the door to new financial backers and made it easier to recruit developers from Virginia, Lenane said.
The firm’s latest investors include Virginia’s Center for Innovative Technology, India Venture Partners, Piedmont Investment Advisors, and angel investor Glen Hellman, among others.