Solve Media Raises $6 Million
Solve Media is a company that has found a way to monetize CAPTCHA fields. On Friday, TechCrunch reported that Solve has raised $6 million in Series B funding. New Atlantic Ventures contributed to this round. First Round Capital, AOL Ventures, and BullPen Capital participated in this round. The company will be using the funding to expand their sales and engineering teams. Solve has raised a total of $15 million thus far.
What is CAPTCHA? CAPTCHA are those pesky security measurements that websites use when creating an account for a service or buying something like a concert ticket. The website will show a combination of upper case letters, lower case letters, and numbers. Often times, people have a hard time reading the letters and numbers because they are wavy and merged together. This way the website will know that you are a human and not some spambot.
Solve Media has developed CAPTCHAs that use display or video ads to type in a brand name or message rather than those other annoying often-unclear characters. The publishers and companies that integrates Solve’s CAPTCHA gets a slice of the revenue also.
Solve’s Type-In ads hit around 1 billion engagements last year and they expect to hit that number in the second quarter this year alone. They are hoping to hit 4 billion in engagements for 2013. The company is expecting to hit revenues of about $13-$16 million this year. Solve Media works with over 100 major brands.