Veritonic is revealing that it has raised $3.2 million in Series A funding led by Greycroft, with involvement from Lerer Hippeau and Amazon-owned audiobook service Audible.
CEO Scott Simonelli, who established the New York start-up with COO Andrew Eisner and CTO Kevin Marshall, told me that his goal is to produce a new classification of “audio intelligence”– specifically, forecasting the effectiveness and measuring of any pie of audio content or advertising.
The business is concentrated on marketing initially, with its very first product, Innovative Measurement, evaluating any audio advertisement and revealing online marketers how it ratings compared to comparable material, as well as identifying which parts of the audio are most effective. And Veritonic is launching a new product, Competitive Intelligence, which helps companies see how and where their rivals are spending on advertising and provides alerts when those rivals introduce a brand-new ad.
Simonelli said that until now, audio measurement has actually been limited to things like creating audience panels with a few hundred individuals, which simply doesn’t scale provided the enormous development in the audio market.
Veritonic, on the other hand, has analyzed thousands of audio files, associating the material with data about how people reacted and using that analysis to predict how people will respond to new audio. Simonelli stated the company can add more “fuel” by heading out gathering more human reaction data, but even without extra information, it can supply an instant prediction on an advertisement or project’s effectiveness.
Image Credits: Veritonic Simonelli also kept in mind that Veritonic has spent the past 5 years establishing technology that’s particularly attuned to the difficulties of determining audio efficiency– like the reality that audio is experienced in time and, much more than other media, requires to be remarkable.
“We can look at a sonic profile and anticipate and evaluate how someone is going to respond,” he said.
The ultimate goal, he included, is to produce the “benchmark for audio marketing,” which means working with a range of gamers in the market. For instance, he said that when you take a look at other audio investments in Greycroft’s portfolio (such as podcast network Wondery or podcast analytics business Podsights): “Veritonic makes every one of those audio investments more valuable.”
Veritonic’s made respectable progress on that objective currently, with partners including Pandora, SiriusXM and NPR, and brand name clients like Pepsi, Visa and Subway. It was previously backed by Newark Endeavor Partners (whose creator Don Katz formerly established Audible).
“We are thrilled to be a part of Veritonic’s ongoing development and success,” stated Greycroft’s Alan Patricof in a statement. “I’m personally really passionate about the future of voice, and the team at Veritonic deeply comprehends how to use audio to drive brand, stickiness and recall awareness– which is hugely important in a highly-competitive customer brand name landscape.”
Simonelli included that Veritonic will utilize the new funding to broaden its information science and sales teams. Eventually, he intends to start analyzing non-advertising content too– for example, since Audible is an investor, he stated, “Evaluating every audiobook in the world is something we’re prepared for and excited to do.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.