BANGALORE: SureWaves MediaTech (SureWaves) has announced that it has secured Rs 35 crore in a second round of funding that was led by Canaan Partners.
It also saw participation from existing investors Accel Partners India and India Innovation Fund.
SureWaves’ ground-breaking technology enables large scale aggregation of audiences across multiple television channels and offers a single window interface to large national advertisers to effectively reach out to mass audiences on a market by market basis. SureWaves claims that its Spot TV Network is one of the largest connected television networks of its kind anywhere in the world spanning across 28 states and seven union territories in India through partnerships with over 280 cable TV channels that reach more than 80 million households and 400 million viewers.
SureWaves founder and CMD Rajendra Khare says, “Our vision is to leverage the power of media through use of technology for all-round and inclusive socio-economic growth. The funding will be used to invest in the growth of the company and support further innovation. The backing from such prestigious investors is a clear and strong sign that they believe in our vision and the market itself. ”
Canaan Partners India partner Alok Mittal says, “SureWaves is revolutionising television advertising by infusing the smartness of digital media like internet and mobile into the mainstream medium of television. Canaan recognises the huge potential of SureWaves to become one of the foremost media company in television advertising and we are excited to be associated with them”.
Accel Partners in India Partner Shekhar Kirani says, “SureWaves has built a completely disruptive technology that solves the challenges arising out of growing media fragmentation in television and we are excited to continue supporting SureWaves”.
India Innovation Fund’s Rajesh Rai says, “We’ve been associated with SureWaves since 2011, since that time we’ve seen the business grow and evolve into a robust model and we wish them solid momentum in 2014”.
SureWaves is headquartered in Bangalore with offices in Mumbai, Delhi and Kolkata.