ColorTV, the connected TV marketing platform, today announced that it has raised $1.5 million in seed funding led by Foxconn. ColorTV is developing a platform for brands to drive native discovery of content and apps on connected TVs and for developers to better monetize connected TV applications.
'Television advertising is king, with over over 172 billion spent globally each year, yet brands can not predictably market on TV like they can online,' said Giancarlo Maniaci, CEO and co-founder, ColorTV. 'ColorTV is helping to change that. With the rise in cord cutting, growth in Connected TV and newly launched Apple and Android TV app stores, ColorTV simplifies marketing on TV like it's done on the Internet.'
ColorTV was founded by second-time entrepreneurs that successfully bootstrapped and sold TapIt.com, a mobile advertising company. Our team comes from TapIt, Google, Samsung, Millennial Media, and Tapjoy, and are passionate about changing the way TV advertising and discovery is conducted. Ownership of connected tvs is accelerating and the availability of streaming content via applications such as Netflix is exploding. These combined forces have driven adoption of connected devices and the opportunity for advertisers to better reach and service the consumers that use them.
'The Apple TV and Android TV/Chromecast ecosystem will finally enable marketers to track and run TV campaigns in real-time and target more predictively. This is a huge win for TV, and will let marketers better navigate advertising in living rooms across the globe,' Maniaci added. 'ColorTV's soon to be launched platform will help advertisers and developers take advantage of the huge opportunity that exists in reaching engaged consumers via these devices (Apple TV, Android TV, Amazon Fire TV).'
About ColorTV
Founded in 2016 and based in San Francisco, ColorTV is the first data and advertising company catering to Apple TV, Android TV and Amazon Fire TV. ColorTV's platform provides a diverse suite of data, discovery and analytics solutions for Connected TV, built to empower developers and advertisers navigating the new Connected TV ecosystem.
The company powers content recommendations, analytics and attribution for over-the-top (OTT) platforms. According to NPD Group, approximately 50 million homes in the U.S. now own a connected TV or streaming device. ColorTV is venture backed, with $1.5 million in seed funding led by Foxconn. For more information about ColorTV, go to www.colortv.com.