US-based audio intelligence company Veritonic announced Tuesday that it raised $7.5 million in a Series A funding round led by Lavrock Ventures, with participation from Greycroft, Progress Ventures, Newark Venture Partners and Lerer Hippeau.
Founded in 2015 by Kevin Marshall and Scott Simonelli, Veritonic’s audio research and analytics platform allows brands and agencies to measure, research and test the return on investment (ROI) of their audio assets and ad campaigns. The company also recently launched an audio-first Attribution service for ad measurement and ad tracking.
“An increasing number of brands are viewing audio as a must-have marketing vehicle for reaching and resonating with audiences,” said the founder and CEO Simonelli. “Our pioneering and independent analytics and measurement platform takes the guesswork out of audio, helping brands invest smarter, optimize their message, and remain top of mind in an increasingly competitive advertising landscape. This investment is testament to our early, potent leadership and innovation in this fast-growing sector.”
The company, which currently has 50 employees, plans to double this number within a year. It also plans to use the funding money to support the growth of its audio research and measurement services.
Following the funding round brought company’s total funding to $14 million, Lavrock Ventures’ founding general partner Daniel Hanks will join Veritonic’s board of directors.
“As audio advertising growth continues to skyrocket, more brands and agencies are turning to Veritonic to fill the vital gap in media and technology,” said Hanks. “Veritonic empowers brands with the tools to validate investment, optimize audio assets, and increase ROI. We’re excited to be a part of Veritonic’s continued growth and success.“