Advertising technology firm Turn announced an $80 million investment today. The fundraising round, at least for now, delays the need for a public offering. Turn is using its new money to invest in its data platform, which delivers to advertisers and ad traders real-time information about more than a million ads a second.
The Redwood City, Calif.-based company works with brands, agencies and digital trading desks, including Microsoft, Toyota, Chrysler, VivaKi and AMNET. It says it has 1.3 billion anonymous user profiles on which to target marketing.
Turn is among the ad tech firms building for cross-channel, targeted advertising across desktop, mobile and social platforms.
Turn CEO Bill Demas said his company is buidling a "post ad tech" company, using its technology and data to target consumers across devices and digital ad formats from video to display.
It has now raised $135 million. The nine-year-old company reportedly was projected to reach $500 million in revenue this year as a demand side and data management platform.
In November, the company was reportedly looking to raise money at an up to $700 million valuation. There has also been talk that Turn would pursue an initial public offering.
Demas said he is content staying private for now and he "doesn't have a crystal ball" telling when the next step would come. Also, he would not discuss his company's financials.
He did say that Turn is "EBITDA positive," or profitable according to accounting practices that don't include certain expenses.
Longtime Turn investors —Norwest Venture Partners, Trident Capital, Shasta Ventures and Focus Ventures— conributed to the latest round. New investors, included ClearBridge Investments, Firsthand Technology Value Fund, Northport Investments and Pine River Capital Management.