Permutive Raises $18.5 Million Series B Funding to Help Publishers Harness Their Data
The new capital will be used for international expansion, as the company continues to grow market share in North America. Permutive is also making significant hires to further enhance the experience and expertise in its senior team, including the appointments of Aly Nurmohamed to general manager publishing (formerly global MD, publisher partnerships at Criteo); and Steve Francolla as head of partnerships (formerly head of global publisher strategy at LiveRamp). The company also continues to invest in research and development to help publishers monetise their data more successfully.
Founded in the UK by Joe Root (CEO) and Tim Spratt (CTO), both Entrepreneur First and Y-Combinator alumni, Permutive is rebuilding data on the edge to protect user privacy. Its first product is a SaaS data management platform that allows publishers to increase their targetable advertising and deliver significant ROI (up to 291%*). With impending US regulations and browser changes, privacy is reshaping the ad industry at the expense of the third-party cookie. Existing data cloud solutions cannot function in this world. Unlike cloud-focused data providers, by using edge computing and processing user data on device, Permutive’s technology is built for privacy, protecting publishers from any browser changes by not relying on the third-party cookie. Its SDK is now running on 350 million devices and the platform sees 15 billion ad impressions globally, which has seen a 5.5x annual increase.
Customers include BuzzFeed, Penske, The Financial Times, The Guardian, Business Insider, The Daily Telegraph, The Economist, Bell Media, News UK, and MailOnline. By harnessing edge computing, Permutive has enabled these publishers to maximise their targeted users, increase advertising yield, and grow rebooking values. Joe Root, CEO at Permutive, said: “We’re really excited to announce this new milestone, which will help us to continue the momentum of helping publishers to understand and monetise their audiences. It’s our mission to reset advertising and to protect privacy while making data useful, and this funding will help us towards ourgoal.
“Data has become the bedrock of the publishing and advertising industries, as the infrastructure of both has changed dramatically over the past year. Uniquely, Permutive allows organisations to build a ‘first-party’ data business. This is the new currency for online media and therefore vital for advertisers, who require trust, insights, and transparency over what they are buying. At EQT Ventures, we were seriously impressed at the value offered to some of the world’s largest media organisations by processing data on the edge instead of the cloud a no-brainer when comparing the cost of both. It’s a pleasure to continue working with the Permutive team on their brilliant journey,” said Ali Mitchell, Partner and investment advisor at EQT Ventures.
Topics: Litigation Finance, Regulations
Work cited: ExchangeWire PressBox, July 08, 2020
