Mobile ad network company InMobi has raised $8 million from Kleiner Perkins Caufield & Byers and Sherpalo Ventures. After this round of funding, InMobi now has $15.6 million in total venture capital. InMobi launched in 2007 and serves ads in 108 countries across 179 million consumers. Below is the full press release:
InMobi Raises $8 Million in Series B from Kleiner Perkins Caufield & Byers and Sherpalo Ventures to Fund Expansion and Mobile Customer Discovery Technology
SAN FRANCISCO AND LONDON: July 13, 2010: InMobi, the world?s largest independent mobile ad network, today announced that it has secured $8 million in its Series B round from its existing investors Kleiner Perkins Caufield & Byers and Sherpalo Ventures. With this new round, InMobi will focus on its recent US expansion, launch in Japan and continue to grow existing operations in Europe, Asia Pacific, and Africa. The company will also double its engineering staff to further enhance its mobile advertising technology platform globally.
This new round brings the total funding to more than $15 million. With 16.9 billion impressions monthly reaching 179 million consumers in 108 countries, InMobi offers advertisers, developers, and publishers a dependable global mobile advertising alternative to Google and Apple. From the beginning, InMobi has invested in building a highly scalable, mobile customer discovery ad network leveraging its unique analytics engine AdROItTM to optimize ad serving in real time. The results provide unmatched performance to its current list of marquee partners including Reebok, Microsoft, Nokia, Sony Ericsson, Quaker Oats, Yamaha, Barclays, and Yahoo.
?Since our launch in 2007, we have focused on building global expertise in mobile ad serving technology with a highly scalable platform. After market launches in the US and Europe and further expansion in Asia and Africa, our global ad impressions increased from 7.5 billion to 16.9 billion monthly in just six months ? it is clear our strategy is working.? said Naveen Tewari, CEO and Founder of InMobi. ?This additional funding will help us capitalize on our early success and enable us to aggressively compete in major advertising markets globally.?
At the core of InMobi?s innovation is its technology. Further product developments will redefine the way advertisers, publishers and developers reach consumers and measure performance including detailed analytics that inform the ad serving process in real-time, automatically enhance ROI, and help advertisers maintain a targeted buy at scale globally.
?InMobi is a great example of the media transformation taking place due to mobile technology. We support their vision to provide high reach, transparent, performance-based mobile advertising to all corners of the globe,? said Ajit Nazre, Partner at Kleiner Perkins Caufield & Byers.
?InMobi has exceeded our expectations every quarter since the company?s inception,? said Sandeep Murthy of Sherpalo Ventures. ?They?ve not only developed a truly disruptive and leading edge technology, but applied flawless execution to deliver a market changing ad network platform that will achieve new levels in the industry with this funding.?