Last week interactive video ad platform Innovid announced that they have just raised $4 million in a highly successful investment round. The money, which was invested by Deutsche Telekom’s T-Ventures as well as Genesis Partners, should lead to Innovid’s accelerated growth within Europe, as well as their entry into the Connected TV and mobile markets. I was interested in learning a little bit more about what this investment means for Innovid, so I asked the company’s Director of Marketing, Corey Kronengold, a few questions. Find out what he had to say after the jump.
Corey Kronengold wrote a post about the $4 million investment round at Online Video Watch. He writes that T-Venture’s CEO, Georg Schwegler, said, “Innovid is a pioneer in the video advertising market, a high-growth industry across multiple platforms. We are impressed with the effectiveness of Innovid’s iRoll advertising format online, and are excited by the potential of their platform in the mobile internet market as smartphone continue to increase in relevance an market penetration.” I asked Corey a few questions about the investment from Innovid’s perspective, as well as what the future of interactive mobile video advertising may look like. Check out our interview below:
Megan at Social Times: What doors is the new investment opening up for Innovid in terms of future projects?
Corey Kronengold: The new round of funding gives us an injection of capital that will allow us to scale up our business much faster than we had been previously. We’ll be opening new offices in key advertising markets like Chicago and Los Angeles, as well as expanding into Europe. We’ll also be increasing our marketing efforts to raise awareness about our company and our products to a wider audience.
Megan: When can we expect to see Innovid make their way into mobile video pre-roll and the Connected TV environment?
Corey: We’ve already been testing our iRoll on mobile devices, and will most likely be rolling out a formal product in 2011.
Megan: Can you give us any insight into how interactive pre-roll may look on a mobile device? On Connected TV?
Corey: From a creative standpoint, mobile interactive pre-roll will most likely be simpler executions that what we’re currently creating online (See our interview with Innovid CEO Zvika Netter for examples). Despite the increase in size of cell phone screens, they are still relatively small compared to a 19″ computer monitor or 42″ plasma screen. They will probably focus more heavily on unleashing additional content than the actual mechanics of interacting with an ad.
Conversely, on connectedTVs, VOD, other Over-The-Top services and web enabled consumer electronics that are meant to be viewed on big screens provide a much larger creative palette that can offer the full functionality of a traditional web page.