Digital marketing software innovator DataXu announced a new round of growth funding this morning. The company plans to use the $27 million from new and existing investors to keep its hold as a leader in bringing data science to marketing while continuing to expand internationally and developing even more disruptive marketing technologies.
The latest round of financing, led by new investor Thomvest Ventures, also includes funding from original backers Atlas Venture, Flybridge Capital Partners, and Menlo Ventures. Thomvest, the Silicon Valley and Toronto-based venture capital firm, is headed by founder and current Managing Director Peter Thomson of Thomson Reuters. Thomvest’s Stefan Clulow will sit on DataXu’s Board of Directors.
In a press release, Thomson stated that their interest in investing in DataXu grew out of Thomvest’s strategy “To find and partner with entrepreneurs building transformational companies." Specifically, Thomson said that, "The rise of programmatic marketing is reminiscent of how automation and software also revolutionized the financial services industry.”
For Thomson, DataXu “is in the vanguard of an even bigger opportunity and on a trajectory to become the next great enterprise software company.”
DataXu was born out of the MIT aeronautics/astronautics program when a group of MIT scientists joined with co-founders with backgrounds in digital media and consumer electronics to disrupt enterprise marketing. Using analytics and scientific data, the company’s programmatic marketing platform has achieved huge success in helping over 700 global brands transform their digital marketing.
In the press release, DataXu’s CEO Mike Baker acknowledges that the company’s impressive growth can be attributed to shaking up old marketing tactics by creating software that, “helps marketers reduce the cost and complexity of marketing across multiple digital channels, while at the same time enabling them to build a much deeper and more actionable understanding of today's empowered consumer.”