New York based advertising firm Innovid has acquired another startup, TayKey in order to boost its tech capabilites. Included in the new acquisition is a “big data platform” and 14 patents including artificial intelligence technology and natural language processing, an industry that is expected to be worth more than $16 billion by 2021.
“There is massive opportunity for marketers to gain higher performance by leveraging real-time contextual intelligence for video content as a factor in how they plan, optimize and ultimately deliver video creative at scale,” said Innovid co-founder and CEO Zvika Netter in a prepared statement. “That’s why this acquisition is so exciting for us — it enhances the breadth of insights that Innovid’s media agnostic platform already delivers to brands and drives more effective video marketing, and provides an additional input for data-driven video strategies”.
Both Innovid and Taykey have backing from Sequoia Capital. So far, Taykey had raised $32 million total, while Innovid raised $50 million. Some of Innovid’s backers include New Spring Capital, Genesis Partners, Cisco Ventures, T-Venture and Vintage Investment Partners, along with Silicon Valley Bank and TriplePoint Capital.
Innovid did not disclose how many from the Taykey team that they would be hiring and assimilating into their firm however they did assert that “key hires” would be made from Taykey’s New York and Israel offices.
“Taykey’s mission has been to provide companies with actionable intelligence by analyzing hundreds of millions of digital activities in real-time,” said Amit Avner, CEO and founder, Taykey. “We are thrilled that this powerful dataset can now be activated across the world’s largest video marketing platform, serving over one third of all video ads.” Avner will not be part of Innovid’s team but he provide advice and guidance during the transition period which will take a few months, revealed TechCrunch.