Mass media company iHeartMedia has agreed to buy Jelli, a US-based audio advertising platform backed by semiconductor technology producer Intel and entertainment provider Universal Music Group, for an undisclosed amount.
Jelli has built a cloud-based software platform that enables advertisers and publishers to automatically buy and sell radio ads while managing and planning their advertising inventory.
The technology powers SoundPoint, the programmatic ad-buying platform that manages advertising for iHeartMedia’s portfolio of more than 850 radio stations.
Jelli has raised $37.6m in funding to date, having most recently closed a $21m series B round in 2015 featuring Intel’s corporate venturing arm, Intel Capital, as well as iHeartMedia, Universal Music Group and venture capital firms Relay Ventures and First Round Capital.
The company had already closed a $9m round in 2012 that was co-led by Intel Capital and Relay Ventures with contributions from First Round and angel investor Roger Ames.
Bob Pittman, iHeartMedia’s chairman and CEO, said: “Jelli allows us to do something no other company can do – advertisers can now buy and use our broadcast assets, reach and impact just as they use the major digital players. We now offer heavy data and heavy creative innovation all in one place.
“We are excited about having Jelli not only for the platforms they are creating and have created for us, but also to lead our aggressive and innovative adtech development.”