LoopMe, a London, UK-based specialist in using artificial intelligence in brand advertising, raised $10m in funding.
Backers included Impulse VC, Harbert European Growth Capital, and existing investors Holzbrinck Ventures and Open Ocean Capital. In addition to the funding, George John, who has worked with AI during a career spent at NASA, Epiphany, Salesforce, Yahoo and founded artificial intelligence-led marketing platform, Rocket Fuel, has joined the company’s board of directors.
The company, which has raised a total of $17m to date, intends to use the funds for global growth and continued investment in artificial intelligence technology.
Led by CEO & Co-Founder Stephen Upstone, LoopMe provides PurchaseLoop, which leverages AI technology that learns how people feel about and react to advertising, and changes their advertising experience based on their individual feedback loop. Microsoft, Honda, Heineken (Birra Moretti), Airbnb and Disney are among brands to have run PurchaseLoop campaigns.
Since receiving its previous round of funding in 2015, the company reached profitability for the full year 2016, more than doubled its sales revenue and team size, opened offices in LA, Bangalore, Johannesburg and Moscow, and invested in its technology. The expansion is set to continue in 2017, with offices opening in Amsterdam, Singapore and Chicago.