InnoVid, a US-based video advertising software provider backed by networking technology supplier Cisco and telecommunications firm Deutsche Telekom, has secured $30m in pre-IPO funding.
The financing was provided by investment bank Goldman Sachs’ Private Capital Investing group and took the company’s total equity funding to approximately $83m.
Founded in 2007, InnoVid operates a video advertising platform that helps users creates interactive video campaigns that can run across multiple platforms including connected televisions, online and social media.
The company’s customers have included beverage producer Coca-Cola, automotive manufacturer Toyota, cosmetics brand L’Oreal and financial services firm Bank of America. It has not given details concerning a prospective flotation.
T-Venture, then the corporate venturing arm of Deutsche Telekom, first invested in InnoVid through a $4.1m series A round in 2010 that included Genesis Partners, the existing backer that had supplied $3m in seed capital in 2008.
Both returned for the company’s $9.5m series B round in 2011 alongside Sequoia Capital, before it added $9.5m two years later in a series C round featuring all three together with Vintage Investment Partners.
InnoVid subsequently raised $10m in series D funding from T-Venture, Genesis Partners, Sequoia Capital and Cisco Investments, the corporate venturing vehicle for networking technology producer Cisco, in 2015.
The series D investors also participated in a $15m round later the same year that eatured Vintage Investment Partners and New Spring Capital, while Silicon Valley Bank and TriplePoint Capital supplied $12.5m in debt financing.