Bangalore-based digital media company SureWaves has raised Rs 35 Crore ($5.65 million approx) from Canaan Partners and will use the funds to hire talent and tap global markets, reports The Economic Times. India Innovation Fund and Accel Partners who had invested Rs 10 crores in the company earlier also participated in this round.
SureWaves is now targeting several emerging and developed countries with its offerings, that help advertisers easily target viewers across the country with a regional offering, and the company also offers a single window interface through which they can monitor the effectiveness of a campaign that is spread over multiple TV channels in real time.
In 2010 SureWaves had partnered with Asianet in Kerala to launch Spot TV service and it currently has brands such as Nestle, Johnson & Johnson and Hindustan Unilever as clients. It also has an Out Of Home ad delivery business called Digital Display Network through which advertisers can deploy ads targeting specific cities at a time preferred by the advertiser and monitor their impact. Apart from these services, SureWaves has an ad distribution solution called DigiStream TVC, which is empanelled with DAVP, Govt. of India for delivering TVCs to more than 200 satellite channels in the country.
In India, SureWaves competes with Amagi which offers local, city based advertisers ad spots on TV channels such as Zee network, Times Now, CNN-IBN, Zoom and others, across 50 cable MSOs including Hathway, DigiCable, You Broadband, Incable and others. It also competes with Rediff-owned VuBites, which is growing well according to the company’s Q2-FY14 results. Such a system is relevant because unlike the US, where cable networks are local, in India, the same channels are (typically) beamed via satellite across the country. An ad campaign running on these channels is also typically national, and to target regional language consumers, there are regional channels. So SureWaves brings local advertising to TV channels. It provides local, city based advertisers an opportunity to take over house inventory. So, while a channel might be advertising its own shows on an empty ad slot on a day, in one city, that ad can be replaced with a city specific commercial.
This round of funding will give SureWaves a leg up in its competition against these companies; Amagi had raised Rs 30 Crore from Mayfield Fund and existing investors last year and VuBites is part of Rediff. Amagi had also raised about Rs 37 crore from Nadathur Group and Ojas Ventures in 2011.