SilverPush in collaboration with FreakOut Holdings has ambitious plans to corner the OTT advertising market in the APAC region within the next two years.
By Joanne Leila Smith
Singapore-based marketing tech platform SilverPush has raised USD 5 million in Series B funding this month, led by FreakOut Holdings, Inc., a global marketing technology company. The funding is pegged for further expansion of SilverPush’ footprint globally, including new markets in the APAC region such as Hong Kong, Australia, and South Korea.
Founded in 2012, SilverPush provides Artificial Intelligence based OTT video tracking and TV-to-digital sync solutions for advertisers to measure and maximise their OTT video reach. SilverPush is the pioneer of India’s first mobile demand side platform (DSP). The company is now present in 12 markets across Asia and Africa: India, Indonesia, Thailand, Malaysia, the Philippines, Vietnam, Singapore, South Africa, Tanzania, Egypt and the United Arab Emirates.
SilverPush CEO Hitesh Chawla says the company aims to increase its AI capabilities, with a view of applying the technology in other vertical streams besides advertising. The company will also look to tap into the OTT space with its newly launched product, Mirrors, and relaunch another product, Prism, as a brand reputation monitoring platform.
“Since expanding into Southeast Asia in 2018, our business has grown 100 percent year-on-year with over 30 percent revenue clocked by our international business. We’ve seen rising customer appetite for on-demand and multiscreen viewing across the APAC region; and at the same time advertisers and brands have become more open to integrating new technologies in their audience outreach strategies,” says Chawla.
Chawla’s forecast for the next two years is optimistic.
“With this new round of funding, we expect our global business to contribute to over 50 percent of revenue and expect to hit an annual target of USD 25 million over the next two years,” says Chawla.
SilverPush uses AI to improve engagement between brands and consumers. The company’s latest product, Mirrors, was launched in late 2018 to help contextualise ads when consumers view video content on their devices. According to SilverPush, misplaced online advertising is a USD 170 billion global problem – which SilverPush says Mirrors offers the solution.
Some might remember the YouTube scandal of 2017 whereby millions of advertising revenue was pulled from Google after brands such as AT&T, Verizon, Pepsi, Walmart and Johnson & Johnson among others, discovered their paid content was placed on video accounts promoting extremism, with a portion of the advertising spend going to the account holder.
This example highlighted the problem of advertisers having little control over where their online ad placements land. AI is now largely responsible for ad placements online, using algorithms to determine the right message for the right person at the right time – at the best price. This process is called programmatic advertising.
Using artificial intelligence with computer vision, Mirrors detects context in video content that aligns with an advertiser’s core communications objectives, allowing them to more effectively target ads in a world already cluttered with advertisements. SilverPush says its contextual approach to marketing seeks to revolutionise the way that brands engage with their audience.
SilverPush claims to have already supported campaigns of regional brands in APAC such as Indofood, Unilab and Tiger Beer – as well as international brands such as Unilever, KFC, Coca-Cola, Samsung and Johnson & Johnson.
FreakOut Holdings Inc CEO Yuzuru Honda believes its partnership with SilverPush is timely, given the opportunities for growth of video content in the APAC.
“The internet video advertisement industry is growing quickly across the Asia Pacific region. We are strong believers in SilverPush’s high level of technology and its outstanding product and see a huge opportunity for them to grow and scale across APAC,” says Honda.
FreakOut Holdings Inc is a global technology investment firm. Its subsidiaries include FreakOut [DSP;SSP]; Intimate Merger [DMP], AdGeek Marketing Consulting Co [Trading Desk], IRIS [DOOH], Talentio [Talent Management], and Gardia [FinTech]. Each subsidiary of FreakOut Holdings has global operations and claims to hold leading market positions, enabling marketers and advertisers to buy real-time impressions across display ad exchanges and supply side platforms. FreakOut delivers in-feed display and video formats across 3,000 publishers. The FreakOut Group’s business spans across 19 countries in Asia Pacific, Europe, Middle East and North America. FreakOut Holdings, Inc. was incorporated on October 10, headquartered in Tokyo, Japan, and listed on the Tokyo Stock Exchange [TSE:6094].