I am pleased to announce that we just closed a $15.2 million round of funding. The round was co-led by new investors Viola Ventures and Saban Ventures, with participation from our existing investors as well. It has been over two years since our last funding round. There have been some significant developments in the market for our marketing performance measurement solution during that time and we will use the money to take advantage of those developments. Here are some of the details…
We originally developed our solution because we felt it was too hard for marketers to take advantage of the wealth of data being generated, particularly by digital marketing. The success we have had thus far, as we work with some of the world’s leading advertisers, like P&G, AB InBev, Diageo, and Kellogg’s, is evidence that our hunch was right.
Initially, our customers were primarily focused on automating their performance reporting; not a trivial task when dealing with data from a variety of third-party marketing services. However, over time, we have seen increased sophistication in what marketers are looking for. They are now looking to accelerate their “time-to-insight” in order to improve the effectiveness of their marketing activities across channels. They want to know about actionable insights “now,” rather than after it is too late.
To address this need, last May we announced Origami Stories, a mobile solution that leverages artificial intelligence (AI) and machine learning to automate the generation and delivery of key performance indicators and insights directly to marketers, in real time. We feel that we are at the tip of the iceberg in terms of realizing the full potential of this feature. We will use a portion of our funds to continue to enhance Origami Stories and to expand our platform’s advanced machine learning and analytics capabilities in general.
In January 2017, P&G Chief Brand Officer Marc Pritchard gave a speech that created a ripple effect across the marketing ecosystem. He basically said that the media supply chain was “crappy.” One of the major problems he cited was that there wasn’t enough transparency in the supply chain for advertisers to know how their campaigns were performing and how their money was being spent. As a result of this speech, “media transparency” has become one of the hot topics in marketing and we have seen a steady flow of advertisers bring certain operations — like programmatic buying — in-house, in order to gain better visibility into what is happening.
We have customers who are using our platform to aggregate, report and analyze their media data, in order to gain transparency into how their ads are performing and how their money is being spent. We feel that we are in the early stages of this transformational phase in marketing and we will use some of our funds to take advantage of this opportunity.
In closing, I want to thank our investors for their support and the confidence they have placed in our company. I also want to express my appreciation to the Origami Logic team who have gotten us this far with their passion for our vision. I am super excited about this next chapter in Origami Logic’s journey!