Startups Money

Video ad tech platform AdSparx secures under $600K from IAN, Mumbai Angels, Growx

4 Jun, 2014

VCCircle_AdSparx_logoPune-based Novix Media Inc, the company behind AdSparx, a video ad tech platform for streaming internet videos, has secured Rs 3.5 crore (under $600,000) in an angel round of funding, led by Indian Angel Network with participation from Mumbai Angels and Delhi-based angel investor Growx Ventures Management. The startup will use the capital to expand to Singapore and the US, and also to add more clients to its kitty.

The development was first reported by The Economic Times.

AdSparx was started by Kunal Lagwankar, a BE in Electronics Engineering. He was previously an embedded software engineer at Patni Computers. In the past, he had also worked at ABB and Geodesic.

A video ad technology platform, AdSparx uses technology to serve device-independent, quality, targeted, pre- and mid-roll video ads for linear TV, live events and videos on demand. The startup addresses the needs of internet video publishers and empowers them to monetise their inventory by aggregating multiple advertisers. AdSparx uses a built-in video CMS, video ad transcoding solution and campaign execution interface.

The firm caters to internet video publishers & video content distributors. It counts among its clients companies including Nex GTV, Vodafone, Airtel and Sony Liv. AdSparx is Microsoft Ventures accelerator startup.

Growx Ventures Management is an angel firm which typically invests $0.5 to $5 million in its portfolio companies.

(Edited by Joby Puthuparampil Johnson)