Los Angeles, California based analytics firm Entertainment Data Oracle (EDO) has announced a fresh fundraising of $12 million in their Series A round. Jim Breyer-run Breyer Capital led the investment round while Vista Equity co-founders Robert Smith and Brian Sheth, ad analytics firm Moat co-founders Noah Goodhart and Jonah Goodhart also participated in the investment round.
The company intends to use the fresh investment to expand their national TV sales and analytics coverage by hiring technical and product development teams. It is also working on building new sets to understand the customer intent across live and non-live TV ads.
The company was founded by actor and entrepreneur Edward Norton and Daniel Nadler, a Harvard data scientist in 2015. Interestingly, Norton had invested in Nadler’s first firm Kensho. The ad analytics firm counts some top companies like ESPN, Turner, NBC Universal, Warner Bros, Lionsgate and Paramount as their clients whom it helps in media and TV advertising.
Kevin Krim, the CEO of the firm talking about the firm said, “Our clients are hungry for high-grade actionable insights into how much engagement — true consumer intent — is being delivered for the dollars spent. Measuring how much ‘exposure’ is being delivered just doesn’t cut it anymore, and social and other weak proxies of engagement have not proven to have a strong correlation to economic outcomes.”
Norton commenting on how EDO has been effective said, “EDO’s special capabilities as a company flow from our ability to leverage veteran media and advertising expertise alongside technology and data science talent that, quite frankly, traditional media and advertising measurement companies could never hire."
Image Courtesy : edo