Herndon, Va. (PRWEB) November 27, 2012
The Center for Innovative Technology (CIT) announced today a $100,000 investment in Arlington, Va.-based Veenome, which allows advertising networks and publishers to monitor a product’s performance on online video. Winner of the Paley Center’s “Next Big Thing” award for media startups, Veenome was also named one of South by Southwest’s hottest startups of 2012 by CNET.
Each month, 200 billion online videos are viewed, and Veenome helps advertisers determine which videos are best for them by identifying objects, brands and products in video and instantly interpreting them into data points such as tags and categories. According to Nielson, spending on internet video advertising will increase from $3 billion in 2012 to $8 billion in 2016.
Pete Jobse, CIT President and CEO, said, “Innovation is happening in Virginia, and CIT is investing in companies like Veenome that are on the cutting edge.”
Veenome CEO Kevin Lenane said, “Our product offers ad networks unique targeting tools to help them raise their costs per million, or CPMs, and view counts across their entire publisher network, rapidly increasing their revenue. We plan to use this financial support to continue or product development as we operate some large deals that we’ve recently signed including mobile ad network, Adtheorent.”
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “We are proud to support entrepreneurs like Kevin Lenane with seed-stage funding, because we believe in investing in ground-breaking ideas and technologies that will lead to new economic growth for Virginia.”
Since its 2005 launch, CIT GAP Funds has placed over 75 investments across the Commonwealth, deploying greater than $7 million of public funds and attracting over $80 million more in private funding.
Learn more about Veenome by visiting their website.
About the Center for Innovative Technology, http://www.cit.org
CIT is a nonprofit corporation that accelerates the next generation of technology and technology companies. CIT creates new technology companies through capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.