NumberEight Secures $2.7m Funding to Deliver AI-powered ‘Privacy-First’ Solutions for the Ad Industry
by on 17th Jan 2024 in News
NumberEight, a London-based startup using on-device AI to deliver ‘privacy-first’ identity solutions for the advertising industry, has raised USD$2.7m (£2.1m) in Pre-Series A funding led by ACF Investors. The investment will be used to drive commercial growth, bolster product development, and expedite US expansion following significant inbound market interest.
The USD$615bn (£485.6bn) advertising industry, grappling with stringent privacy regulations and an over-dependence on PII for ad personalisation, faces an existential challenge, placing the entire open internet at risk. Computing is also undergoing a paradigm shift as smarter devices push more and more computation on-device (the Edge), paving the way for incredibly high-margin business models. Lastly, the age of automation is truly upon us with the widespread adoption of AI and large language models (LLMs).
Amidst a global climate ripe for privacy-first solutions, NumberEight is uniquely positioned to leapfrog market incumbents. At the core is its pioneering on-device AI. The technology astutely detects real user behaviours, crafting precise user segments. Advertisers, in turn, can deliver razor-sharp, relevant ads, all while bypassing the need for traditional cookies or IDs, a true game-changer in enabling personalisation while ensuring user privacy.
This round includes investment from early backers Nauta Capital, Ascension Ventures, and Enterprise 100 angels, new groups such as COREangels EnterpriseTech, COREangels Big Data & AI Europe, and strategic angels - including mobile gaming veterans such as John Libby and Nick Button-Brown, and seasoned ad tech mavens such as Ionut Ciobotaru.
The latest investment comes after a period of sustained growth and significant market interest. The company already operates globally with audio, gaming, and advertising customers, including the likes of Southern Cross Austereo (SCA), Adverty, and AdInMo.
Abhishek Sen, CEO and co-founder of NumberEight said: "Against the current zeitgeist of increasing privacy regulations and data restrictions by platforms, there is an urgent need for innovative solutions that empower advertisers without compromising user privacy. This investment is a testament to our foresight in on-device AI and privacy-focused technologies, setting the stage for our global product and commercial expansion plans.”
Tim Mills, managing partner, ACF Investors: "Governments around the world are enacting stricter privacy regulations, making it more difficult for advertisers to collect and use user data without their consent. NumberEight’s innovative approach to identity and privacy has the potential to make a significant impact in the industry, by addressing the challenges facing advertisers and consumers alike. We are delighted to be a part of this remarkable journey.”
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