Video advertising management and optimization technology company HIRO Media has announced that it has closed a $5 million funding round. The company did not disclose who made the investment.
The company, headquartered in Tel Aviv, said that the investment follows a number of deal announcements including Viewster, a pioneer video on demand service operating in more than 100 countries, leading agency Universal McCann Digital and YBRANT, a digital marketing solutions provider.
HIRO Media said that the funding will be used to open a New York Center of Development and Support to serve its US customers. The company also said that Jim Mazzarella had been appointed to head its buy side efforts in the US.
HIRO Media CEO Ariel Napchi said, "It has been a pivotal year for HIRO Media as we ended 2011 on a profitable note. This growth reflects the fact that we are able to provide superior video advertising solutions for online video advertisers and the sector's realization that this is an expanding market. To take advantage of this rapid growth and to extend our presence in the US, it became clear that we needed to raise additional investment."
Mazzarella said, "This investment will strengthen HIRO Media's position in the global online video advertising industry and will enable us to become a central resource within the buy-side landscape."
Published by Globes, Israel business news - www.globes-online.com - on April 4, 2012
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