Visual IQ Nabs $12M Series B for Ad Optimization Software
Needham, MA-based advertising software startup Visual IQ is revealing today that it has raised $12 million in Series B funding, just three months after CEO Manu Mathew told me the company was planning to raise a second round. The money comes from Boston-based Volition Capital and return investor Fog City Capital, which led the company’s 2010 Series A round.
Mathew left his job at the ad agency Carat to start a company that could automate the process of determining and allocating advertising spend. Visual IQ launched in 2006 and now offers a suite of tools that track which advertising channels are most influential on customers and informs companies how to get the most bang for their marketing buck. The new funding will go to “product innovation and sales growth,” according to today’s announcement. Visual IQ also has an analytics team in San Francisco and is planning to staff up in New York to be closer to some of its customers—which span the advertising, financial, and consumer industries.