Tumri Raises $15 Million
Date: Tuesday , June 30, 2009
Tumri, a provider of display advertising solutions, has raised $15 million in its new round of investment. The current round included investment of $10 million by the Time Warner Investments and the existing investors Accel Partners, Shasta Ventures, and Tenaya Capital, along with $5 million in debt commitment from Silicon Valley Bank.
Founded by Hari Menon and Pradeep Javangula in 2004, Tumri had earlier raised $10 million in Series B funding led by Lehman Brothers Venture Partners in 2007. With the current investment, the company plans to expand in the areas of global service and support, sales and marketing, infrastructure development, international expansion, and continued innovation of advertising platform. The Tumri platform seamlessly deconstructs ad creatives into core sub-components like brand logo, product image, offer or price, call to action, and then allows the advertisers to adjust each sub-component by targeting or performance parameters. Its AdPod ties advanced targeting capabilities with an interactive presentation layer, enabling advertisers to craft targeted marketing messages to consumers on the fly. Hari Menon, Founder, Tumri says, "The demand for Tumri's product and service comes from all the leading advertisers." Currently the company is gaining traction, and its customer portfolio includes HP, Sears, Lenovo, Capital One, and several Fortune 500 and Global 2000 companies. The company has a strategic partnership with Yahoo! under Yahoo!'s SmartAds program where Tumri powers Yahoo!'s SmartAds.
Tumri is in the rat race to tap the current $9 billion display ads market, which is expected to grow to $19 billion by 2012. Analysts consider dynamic ads as the fastest growing category in the Internet advertising sector.