Adchemy raises $61 Million in Series E Funding
Date: Monday , October 03, 2011
Adchemy, an advertising technology company, completed a $61 million Series E financing round with Microsoft, August Capital and the Mayfield Fund. Microsoft and Adchemy have broadened their existing partnership and will team to expand the availability of the Adchemy IntentMap technology that will help Microsoft adCenter customers create more relevant ads based on consumer intent. This 2004 founded company is backed by Accenture, August Capital, Mayfield Fund, and Microsoft.
“Moving away from keywords and focusing on a consumer’s underlying intent is a massive paradigm shift that radically simplifies ad campaigns and enables advertisers to address consumer queries in a significantly more relevant way, at a scale unprecedented in the industry. Our technology will help transform how advertisers reach consumers in search, mobile, and other intent-rich channels,” says Murthy Nukala, Founder and CEO, Adchemy. Nukala has earlier founded Digital Jones, which was acquired by Shopping.com, a $130 million company that was the nest-performing IPO of 2004.
Before completing the Series E investment round the two companies completed the initial phase of a program focused on growing and improving the profitability of paid search campaigns for a select group of online retailers, including Macy’s and Overstock.com. The Adchemy IntentMap solution helps advertisers expand keyword coverage and improve relevance of paid search campaigns using consumer intent instead of individual keywords. Using consumer intent to manage and optimize paid search campaigns significantly reduces complexity while helping to improve profitability and scalability. The funding supports the partnership, and enables Adchemy to grow its workforce in support of more clients and rapid platform development.