Media analytics startup VTION has raised $280,000 (Rs 1.92 crore) through AngelList India, the local arm of US-based investment crowdfunding platform AngelList, a company statement said.
Rahul Khanna of Trifecta Capital, Rajeev Arora of Paramount Wheels and Ram Ramsundar, former chief executive of Electrolux and former finance head of Pepsico were some of the prominent angels who participated in the round. Investors from Stockholm, Dubai and the US also put in money, the statement added.
The startup will use the funds to market its product line in India, recruit talent, patent applications in select countries and enhance its product road map into adjacent digital areas, the press note said.
Launched in 2016, Vidhi Techinnovation Opportunities Network (VTION) Pvt. Ltd measures media consumption through its proprietary radio and audio analytics solutions. The startup was founded by Manoj Dawane and Rajshree Dave. In his most recent role, Dawane was technology head at Ericsson India. He has also been the CEO of Mauj Mobile and was formerly the chief operating officer of Bharti Airtel. Dave was a director at Nielsen before launching VTION.
“Methods used for audience measurement of radio programs are conventional like recall-based diaries. Usage of audio from music streaming apps are not currently measured by a third party and are largely focused on downloads, MAU and DAU. VTION has a patent pending technology that can address these challenges for measuring audiences on radio and audio,” Dawane said.
The company formally launched its product suite with an SDK / app combination along with a real-time analytics dashboard in January 2018. It claims to have had successful trials and validations of the technology globally with global research agencies over the last two quarters.
The Silicon Valley-headquartered crowdfunding investment platform launched its syndicate programme in India in January this year. The syndicates allow experienced technology investors to create a single VC fund that raises money from institutions and leading angel investors. The company had roped in a number of syndicate leads including Freecharge founders Kunal Shah and Sandeep Tandon; Ash Lilani, co-founder and managing partner of Saama Capital; KStart Capital, the seed investment platform of venture capital firm Kalaari Capital; and Shalini Prakash, venture partner at 500 Startups.
In August 2016, the group had appointed Utsav Somani, former head of LetsVenture’s Delhi chapter and a member of the Indian Angel Network, to lead its operations in India.
AngelList has supported investments into Indian startups like ClearTax, DocTalk, Minjar and Squad in the past.
It was founded in 2010 by India-origin serial entrepreneur Naval Ravikant along with Babak Nivi, and the syndicate programme was launched in 2013.