Exclusive: Ad tech startup tvScientific raises $25.5M
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Ad tech startup tvScientific has raised a $25.5 million Series B in its effort to make buying and measuring TV advertising easier, CEO Jason Fairchild exclusively tells Axios.
Why it matters: Investors are betting on billions of dollars moving to TV and away from ads on platforms like Meta and Google.
The big picture: U.S. TV ad spending is estimated to be $45 billion for traditional and $47 billion for connected TV (CTV) in 2028 whereas U.S. digital ad spending is expected to reach $460 billion, per eMarketer.
- Digital ad spend overtaking TV has resulted not just as consumers spend more time online but as these newer platforms are easier for advertisers to execute, measure and optimize their campaigns.
- The goal of tvScientific is to bring those capabilities to TV. Fairchild says he wants to help the top 10% to 15% of the millions of search and social advertisers to buy CTV ads.
- The move "will dramatically change the economics of TV for publishers in a very positive way and, more importantly, it's going to help deliver growth to marketers on a brand new performance channel, so they're not reliant on search and social," Fairchild says.
How it works: The startup offers a platform for advertisers to target and measure CTV ads through partnerships with NBCUniversal, Hulu, Tubi and others. It provides a self-serve product and a managed service. Its hundreds of clients include Foot Locker, Rare Beauty, EA and Scopely.
- Fairchild co-founded tvScientific in 2020 after previously working in online advertising. He helped pioneer paid search at GoTo.com and later co-founded programmatic ad server OpenX.
- The El Segundo, California-based company has 105 employees.
Zoom in: NewRoad Capital Partners led the round, and was joined by Roku and Second Alpha Partners along with existing investors Norwest Venture Partners, S4S Ventures and Progress Ventures.
- Prior funding includes a $9.4 million convertible note in 2024. It raised a $20 million Series A led by Norwest Venture Partners with NBCUniversal and Hearst participating in 2022. Its seed round was $1.5 million from IdealabX, Aperiam Ventures and angel investors.
What's next: Fairchild says the funding will go to investments in data science and engineering and expects this round to be its last before profitability.
