Canada-based data collaboration and clean room platform Optable announced on Tuesday that it has secured $20 million in a Series A funding round from a group of investors including Hearst Ventures, Desjardins Capital, asterX, Brightspark Ventures and Deloitte Ventures.
Founded in 2020 by Bosko Milekic, Vlad Stesin and Yves Poiré, Optable’s ”privacy preserving data collaboration software” aims to help both advertisers and publishers to strategize, run, and track their ad campaigns in a more secure way.
In its press release, the company said that it has managed to see global demand for its solutions despite the transformation the ad industry is going through due to various challenges, such as the vanishing of third-party cookies, new privacy-related regulations around the world, and mobile IDs undergoing an overhaul.
It added that it will use the funds to grow its sales and marketing team to meet the industry’s needs for new solutions.
Optable’s Co-founder and Chief Executive Officer Yves Poiré said: “Optable has made enormous progress in delivering a privacy-centric, transparent, and interoperable solution to the market. Having such a great and diverse syndicate of strategic investors validates our approach. We look forward to collaborating with them to accelerate our expansion strategy and drive real results for our rapidly growing customer base across the globe.“
In addition to the funding round, Optable also announced a commercial agreement with its new investor Hearst, which will allow the investment group to utilize Optable’s data clean room solutions to ”amplify the value of their first party data”. The partnership will also help advertisers access a wider range of data sources by enabling interoperability with other data clean room solutions, it added.
Michael Nuzzo, VP, Head of Data Solutions at Hearst Magazines, commented: “With Optable’s sophisticated technology, we can provide marketers increased performance by leveraging high-quality data to power planning, activation and measurement. This partnership will also offer our clients the ability to utilize their first-party data in a clean room environment and optimize their marketing efforts and better serve their customers.“
In December, Disney also announced a partnership with VideoAmp for clean room integration.