Audio analytics and research platform Veritonic has closed a US$7.5 million series A funding round led by Lavrock Ventures, with additional investment from Progress Ventures, Greycroft, Lerer Hippeau and Newark Venture Partners. Lavrock Ventures’ Daniel Hanks will join the board of directors. This investment comes when eMarketer reports that audio advertising spending is reaching record levels.
Brands and agencies use Veritonic’s platform to research, test and measure the ROI of audio assets, including logos and ads, at every stage of a campaign. The resulting insight enables them to data-back their investment in audio and podcasting, mitigate risk through optimization, and increase campaign effectiveness while providing their audiences with highly engaging listening experiences. Veritonic recently launched its audio-first Attribution solution to help brands track and measure campaign performance across any app, hosting platform, or listening device.
“An increasing number of brands are viewing audio as a must-have marketing vehicle for reaching and resonating with audiences,” said Veritonic Founder and CEO Scott Simonelli. “Our pioneering and independent analytics and measurement platform take the guesswork out of audio, helping brands invest smarter, optimize their message, and remain top of mind in an increasingly competitive advertising landscape. This investment is testament to our early, potent leadership and innovation in this fast-growing sector.”
Veritonic says it will use the capital to support top talent hiring and further develop its end-to-end audio insight and measurement capabilities.
Audio advertising spending in the United States grew by 14.4% last year to US$18.06 billion, the fastest growth rate in 40 years. Additionally, U.S. podcast advertising revenues rose to $1.4 billion in 2021, surpassing the $1 billion mark for the first time. IAB forecasts that the U.S. podcast market will exceed $2 billion in 2022 and over $4 billion by 2024.
“As audio advertising growth continues to skyrocket, more brands and agencies are turning to Veritonic to fill the vital gap in media and technology,” said Daniel Hanks, general partner, Lavrock Ventures. “Veritonic empowers brands with the tools to validate investment, optimize audio assets, and increase ROI. We’re excited to be a part of Veritonic’s continued growth and success.”