xAd raises $9 Million to fuel its Technology Advancement
Date: Monday , January 02, 2012
xAd, a San Francisco based mobile-local ad network, has raised $9 million in a funding round led by Emergence Capital Partners. Its existing investors SoftBank Capital and Palisades Ventures, along with Silicon Valley Bank also participated in the funding. The fund will be used to enhance xAd’s existing tools for both publishers and advertisers, as well as further build its patent-pending, ad serving mobile technology that effectively factors in user, contextual and location-based relevance for optimal mobile performance.
Established in 2009 by Dipanshu Sharma, Chandra Kholia, and Sunil Kumar, xAd is the only advertising network in the U.S. offering both targeted search and display. Across its network, the company aggregates and manages nearly half a billion location-specific ad requests per month, billions of business listings, and over one million national and local advertisers. It has research and development facilities in Sunnywale and Gurgaon, India, as well as a sales center in Charlotte and several satellite offices across the U.S.
“As consumers increasingly migrate to smart devices, businesses will be unable to ignore the potential in mobile-local advertising. Our ability to offer unparalleled accuracy and real-time targeting down to the most-intricate local level, including latitude, longitude and ZIP code, allows us to help businesses of all sizes unlock the potential in their local marketplaces,” says Dipanshu Sharma, Founder and CEO, xAd. The company was founded with the goal of conquering the mobile-local search and advertising markets in the U.S.
With BIA/Kelsey projecting that U.S. spending in mobile-local advertising will increase to $2.8 billion over the next four years, xAd is making a concerted effort to ramp up its proprietary technology and offerings to meet the rising demands of a vibrant marketplace. In March, it acquired mobile property go2, one of the top-five mobile-Web guides, classifieds portals and local-directory destinations in the U.S. With the acquisition, it has increased its mobile audience by securing prime, on-desk placement of its content across all major U.S. wireless carriers.