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Murthy led Adchemy nabs $61 Million
By siliconindia
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Santa Clara: California-based Adchemy, a leading advertising technology company, has raised $61 million in Series E funding from Microsoft, August Capital and the Mayfield Fund. It has also broadened an existing technology partnership with Microsoft Advertising. As per the contract, Microsoft and Adchemy will team to expand the availability of the Adchemy IntnetMap technology that will help Microsoft adCenter customer create more relevant ads based on consumer intent. Microsoft will be taking a minority stake in the company.
Adchemy offers advertisers the ability to leverage consumer intent to create more effective digital advertising experiences. The company is listed by The Wall Street Journal as one of the top 50 venture-backed companies in the U.S.
"Our expanded partnership with Microsoft validates our vision for making each and every ad more relevant to consumers. Moving away from keywords and focusing on a consumers 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," said 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. He also had held management positions at Composite Software and Sand Hill Group, where he guided the firm's technology research agendas and investments. Nukala holds a bachelor's degree in technology from the IIT-Madras, a Master's degree in Engineering from MIT and an MBA from Harvard University.
Adchemy has commercialized its IntnetMap technology over the past year for paid search, offering advertisers a complement to existing paid search services and tools. The solution helps advertisers expand keyword coverage and improve relevance of paid search campaigns using consumer intent instead of individual keywords.
As part of the current partnership with Microsoft, the company plans to make its technology more widely available to Microsoft adCenter customers in order to help improve campaign effectiveness and ad relevance using intent.
Ric van der Kooi, Corporate VP, Microsoft Advertising Business Group, said, "Microsoft Advertising is committed to enriching the online ad experience for consumers and helping deliver more effective campaigns and higher ROI for advertisers and agencies."
Microsoft Advertising provides advertisers and publishers with media, tools and services to help drive deep and profitable engagement with their audiences. It makes buying and selling media simple, smart and cost-effective across media and devices in the Microsoft network of properties and beyond.
Chris Lien, Co-Founder and CEO, Marin Software, said, "Intent-based advertising increases the scope and scale of even the largest paid search programs. Marin provides a foundational, easy-to-use platform for managing that scale."
