US-based advertising automation software provider Nanigans closed a $24m series B round today led by mobile internet company Cheetah Mobile.
The round also included investment firm Wellington Management and Avalon Ventures, the venture capital firm that led Nanigans’ $3m series A round in 2011 and a subsequent $5.8m A-1 round in 2013. Nanigans has now raised $33.4m in total.
Founded in 2010, Nanigans advertising automation software includes features such as programmatic media buying, predictive revenue optimisation and real-time business intelligence. It estimates customers use its software for more than $500m of advertising each year.
The company plans to use the cash to expand its mobile and social publisher channels and to expand internationally, particularly in Asia where it has signed a strategic commercial agreement with Cheetah.
Sheng Fu, Cheetah Mobile’s chief executive, said: “Nanigans advertising automation software is a natural next investment for Cheetah Mobile as we aggressively build up our advertising platform capabilities.
“Nanigans plays an important role in the social and mobile advertising ecosystem, as evidenced by its strong customer base, and this funding will help the company quickly expand to even more channels. We are looking forward to working closely together to help create the world’s best tools for advertisers and publishers.”