On Thursday, ad analytics startup Edo announced it had raised $12 million in Series A funding.
The round was led by Breyer Capital with participation from WGI Group, and Vista Equity co-founders Robert Smith and Brian Sheth.
The new capital will enable EDO to scale up its national sales and analytical coverage, technical talent and new product development, with a focus on building new data sets to reveal actual consumer intent across live and non-live TV ads.
Edo was founded in 2015 by Daniel Nadler (co-founder and CEO of Kensho which was acquired by S&P Global) and actor Edward Norton (co-founder of CrowdRise which was acquired by GoFundMe).
Headquartered in Los angeles and New York, Edo analyzes media using machine learning techniques to study how TV advertising can impact consumer behavior.
Kelvin Krim Edo’s CEO explained that while linear TV advertising still accounts for the majority of ad budgets, the effectiveness of those ads is still measured using old-fashioned “survey-based methodologies.” There are other measurement companies looking online.
Edo pulls data from sources like search engines and content sites where people are doing research before making a purchase. By applying data science, Krim said, “We basically can measure the change in consumer engagement, the behaviors that are indicative of intent. We can measure the change in consumer behavior for every ad.”
EDO’s DVRs have captured 47 million “airings” of television ad spots over the past three and a half years. That database of ads is compared against publicly available data of things people do online such as searching by keyword or looking up things in Wikipedia, a data set of “trillions” of consumer actions, the company claims.
Edo is already working with ESPN, Turner, NBCUniversal and Warner Bros.