Video advertising startup TidalTV announced it has raised more than $30 million in financing led by New Enterprise Associates (NEA) with participation from other existing investors Comcast Interactive Capital and Valhalla Partners.
The funding brings Baltimore-based TidalTV's to nearly $60 million. The company, which currently has 80 employees, said the new funding will support TidalTV's expansion into new markets worldwide from its office in London and the deployment of its proprietary ad-decisioning solutions into new multiscreen applications for advertisers, media agencies and publishers.
Originally, TidalTV was aiming to be an online-video destination like Joost or Veoh featuring an online video guide with thematically grouped channels, but it subsequently shifted to providing targeted video advertising technology.
TidalTV touts its proprietary technology as being able to guarantee delivery of marketing messages against any target demographic. Last month the company launched a mobile advertising play, adding to its solutions for online video and advanced TV advertising.
"Our focus on bringing math and science into the branded advertising space has been well received, and truly illustrates the demand for more efficiency and effectiveness in brand marketing," TidalTV chairman and CEO Scott Ferber said in a statement. "This infusion of capital will advance TidalTV's position as a leader in video-based advertising solutions for advertisers and publishers through investments in premiere human capital, expansion into new global markets and the development of innovative product suites."