InterWest, Menlo Ventures, EnerTech Capital, and The Business Development Bank of Canada Invest in Targeted Advertising Solution Company
Cooley Godward LLP of Palo Alto, CA represented InterWest Partners, the lead investor for INVIDI Technologies in this transaction.
Princeton, NJ (March 14, 2005) INVIDI Technologies Corporation, the leader in advanced targeted advertising for the broadband television industry, announced today that it has secured $16 million in Series "B" financing from leading venture capital firms in the United States and Canada.
InterWest Partners, located in Menlo Park, CA, led the round, while all the other participants are ientical to the first round: Menlo Ventures of Menlo Park, EnerTech Capital of Wayne, PA, and BDC Venture Capital of Montreal, Canada.
This brings the total amount raised by INVIdi to $28 million in 14 months.
INVIDI's industry leading software-based tools and systems -- ADVATAR™ -- gives cable operators, marketers, advertisers and media buyers the first truly measurable and addressable way to place cable, digital and satellite television advertising in front of the desired viewer demographic. With INVIDI's capability to dynamically target spots to unique, individual households, spot cable television advertising and accountability is transformed with precision, reach and efficiency.
"The completion of this financing round positions INVIDI to move forward aggressively with cable operators, marketers and advertisers rolling out ADVATAR™," said INVIDI CEO and president David Downey. "INVIDI is completely rewriting the rules of television advertising so that advertising messages reach exactly who they are supposed to reach in the fast growing cable and digital broadcast realms."
Recently, INVIDI announced that four high profile veterans of the advertising and media industries have been named to the board of advisors: Rick Sirvaitis, CEO and President, GM Mediaworks; David Verklin, CEO and President, Carat Americas; Burt Manning, American Advertising Federation Hall of Fame member and Chairman Emeritus of J. Walter Thompson Worldwide; and Michael Kubin, an INVIDI Board Member and former senior executive at Initiative. Today Kubin is CEO of Ionic Marketing.
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