LoopMe, a London-based artificial intelligence (AI) startup, has secured $10m in a continuation of its Series A funding round.
The firm, which uses AI in brand advertising, received funds from Impulse VC, Harbert European Growth Capital Fund (HEGC) and existing investors Holzbrinck Ventures and Open Ocean Capital.
LoopMe’s AI technology learns how people react to advertising and changes their advertising experience based on their individual feedback loop.
“AI-driven video ads are the future of brand marketing. LoopMe’s technology opens up a window into people’s thoughts and feelings, discovering what they like and dislike, which elements can trigger a reaction or a measurable, physical and emotional response,” said LoopMe CEO and co-founder Stephen Upstone.
“This makes brand advertising significantly more effective at driving brand KPIs, foot traffic and offline sales,” he added.
The company raised $7m back in 2015 in a round led by Holtzbrinck Ventures.
Since then, LoopMe claims to have more than doubled its sales revenue and team size, plus opened offices in LA, Bangalore, Johannesburg and Moscow.
It plans to continue this expansion in 2017, opening offices in Amsterdam, Singapore and Chicago.
“The mobile video advertising industry will overtake desktop next year to be worth $17bn in the US alone. LoopMe have a credible track record of growth which creates a compelling investment opportunity for Harbert to support Stephen and [co-founder] Marco with future expansion,” said Johan Kampe, senior managing director at HEGC.