tvScientific funding round signals increased interest in ad tech

The news: Ad tech startup tvScientific has raised $25.5 million in a series B funding round, per Axios reporting, a sign of increased interest in connected TV (CTV) ad buying tools and tech that brings digital’s addressability and ease of use to linear TV. Roku joined a number of venture capital firms in the funding round.

Why this matters: tvScientific’s platform for ad targeting and measurement includes partners across some of the most-viewed streaming services and TV networks, including Hulu and NBCUniversal, and has already attracted brands like Electronic Arts and Foot Locker. Its funding round comes as the ad industry enters a chapter of increased consolidation and financing as companies look to capture a share of the high-growth market.

• US CTV advertising will grow 15.8% this year to $33.35 billion, per our forecast, rising to $46.89 billion by 2028. That makes it one of the fastest-growing sectors in digital advertising; we expect the number of billion-dollar CTV ad businesses in the US to rise from two in 2020 to nine by 2026.