Bangalore start-up SureWaves has secured INR350 million (US$5.7 million) in a second round of funding, to invest in the company's cloud-based targeted cable TV advertising technology.
Led by Canaan Partners, the second round funding also saw participation from existing investors Accel Partners India and India Innovation Fund.
SureWaves' disruptive technology, using cloud-based systems and customer profiling, provides advertisers with the ability to reach their target audience, restricting advertising to a specific region, and receive real-time data on the cable TV ads they place.
SureWaves says its Spot TV Network one of the world's largest connected TV networks – spanning 28 states and seven union territories in India, with partnerships with more than 280 cable TV channels with a reach of over 80 million households and 400 million viewers.
"The funding will be used to invest in the growth of the company and support further innovation. The backing from such prestigious investors is a clear and strong sign that they believe in our vision and the market itself," says Rajendra Khare, founder and CMD, SureWaves.
Alok Mittal, Canaan Partners India, added: "Canaan recognises the huge potential of SureWaves to become one of the foremost media companies in television advertising and we are excited to be associated with them".