June 2, 2009
Based in New York and founded in 2006, the leader in online semantic advertising, Peer39 announced that it had just closed a deal to receive a $10.5 million round in series C funding with Evergreen Ventures leading the funding. The other participating investors include Peer39’s existing investors, Canaan Partners, Dawntreader Ventures, Silicon Valley Bank, and JP Morgan. With the addition of Evergreen Ventures as a new investor, to this date, Peer39 has raised a total of more than $22 million.
Peer39 is one of the major movers and shakers in the constantly growing online advertising market with its innovative content monetization platform and online advertising. The fact that the company’s platform is based on the process of language and machine learning along with a patented algorithm that can scan the sentiment or content on webpages and finding relevance to those pages and market a product that is relevant to those who are on those pages, therefore targeting a specific market for a specific product or service.
According to Amaid Solomon, CEO of Peer93, because working with some of the major publishing companies, Peer39 is rapidly becoming a leader in the semantic advertising market. Mr. Solomon further stated that the team of Peer39 is excited to have Evergreen Ventures on board and the proceeds of this round of funding will go to help the company to expand its sales presence in the United States and to continue to develop its intellectual property and technologies. This will help Peer39’s client publishers raise their revenues from their online content.
Evergreen Partners’ Erez Shacher further stated that semantic advertising is a growing market and is going to be the next generation of online advertising. The technology and intellectual property that Peer39 possesses is unique and has made the company a leader in this exciting market.
Furthermore, as part of the agreement of this round of funding, Mr. Shacher will also join Peer39’s board of directors. Mr. Shacher went on further to say that after he had done his own research and saw first hand how Peer39’s technology performed in the market, he was very impressed at the potential for growth with this new technology in a growing market, bringing a new light to the ever growing online advertising industry.
Founded in 1987, Evergreen Ventures is one of Israel’s first vc firms and invests in early stage Israeli and Israel-related companies in the software, internet, media, communications, and healthcare industries. Since its founding, Evergreen Ventures has invested in over 120 companies and has over $650 million in venture capital under its management. Some companies in Evergreen Ventures include Colbar, Identify, P-Cube, aqnd others.
Canaan Partners is a vc firm that looks for investors who have vision and the desire to turn their ideas into large companies.
Canaan Partners mainly invests in companies in the tech and healthcare industries. Canaan Partners also takes part in mergers and acquisitions and currently has over $3 billion under its management. Canaan Partners is a large firm with offices in the United States, Israel, and India. Some companies in Canaan’s portfolio include ActiveNetwork, AllBusiness, BharatMatrimony.com, Blurb, eMarket, eStamp, and others.
For more information about Peer39, click here.