tvScientific, a California-based AdTech startup and provider of a CTV platform for brands and apps, has raised $20 million in Series A funding to power performance advertising for connected TVs. The round was led by Norwest Venture Partners, with participation from strategic partners NBCUniversal and Hearst Ventures.
Founded in 2020 by CEOs Jason Fairchild, Bill Gross, David Koye, Jason Fairchild and Kent Wakeford, tvScientific is a Pasadena, California-based platform that makes TV advertising accessible and measurable for brands and apps of all sizes. tvScientific offers a self-managed solution, purpose-built for performance marketers, that simplifies and automates TV buying and optimization by leveraging massive data to prove the real value of TV advertising.
The platform reaches 95% of AVOD inventory using proprietary, deterministic ID technology to measure ad exposure in an accessible, radically transparent and scalable way. tvScientific, an Idealab company, was co-founded by executives with deep roots in programmatic advertising, digital media and ad review.
“Advertisers have always coveted the reach and engagement of television, but the immensity of the medium has made it inaccessible to all but the biggest brands,” said Jason Fairchild, co-founder and CEO of tvScientific. “We’ve unlocked the incredible power of television for all types of advertisers by simplifying and automating CTV buying and optimization while leveraging massive amounts of data to prove the value of TV advertising.”
Built specifically for performance marketers, tvScientific is the first company to offer ad buying, measurement and optimization for CTV advertising on one platform. The tvScientific platform connects to 95% of AVOD streaming apps through direct deals, allowing advertisers to successfully scale their campaigns. The platform leverages a proprietary attribution technology that allows advertisers to match ad exposure to website visits and other desired outcomes with 1:1 deterministic ID matching, providing advertisers with the 100% accuracy and transparency they value.
The end result is highly targeted ads that can be optimized through tvScientific’s proprietary automatic optimization technology to help advertisers meet their user acquisition goals, while giving advertisers radical transparency and complete control over their data, including access to events at log level.
Television has been one of the most prominent advertising channels since the 1940s and 1950s, but most performance-based advertisers shun the channel in favor of digital media and other, more quantifiable channels. With the rise of CTV, currently penetrating 94 million US homes, and its inherent measurement capabilities, performance advertisers are faced with new opportunities. eMarketer predicts that US CTV adspend will reach $29.5 billion by 2024 — more than 40% of total TV adspend today.
“The fact is, the $72 billion US television advertising market is dominated by fewer than 500 national advertisers,” said Jeff Crowe, managing partner of Norwest Venture Partners. “CTV opens the door for many new advertisers to run performance advertising in an effective and cost-effective way. tvScientific has virtually eliminated the friction in CTV advertising and made it much easier for businesses of all sizes to buy CTV inventory with the control, measurement and accountability they have come to expect from search and social channels.”
Since launching its platform in April 2021, tvScientific has grown rapidly. tvScientific offers fully managed services and also makes its technology available as a self-service platform to enable marketers to bring their performance TV shopping in-house, anytime.
The funding brought tvScientific’s total to $23 million, including a $3 million seed round from IdealabX, AperiamVentures and angel investors from companies like Yahoo!, Kabam, Integral Ad Science, GoFundMe and others. The company was founded by senior executives with deep roots in digital media, programmatic advertising and ad verification, including Bill Gross, founder of GoTo.com; Jason Fairchild, co-founder of OpenX; Kent Wakeford, former COO of Kabam and co-founder of Integral Ad Science; and David Koye, former Chief Digital Officer of SummitMedia.
The company will use the new funding to expand its customer base, hire key positions in engineering, product, data science, marketing, sales and other departments, and continue to innovate the product to support the company’s mission, TV Accessible, Measurable and make it powerful for all businesses.