CPXi bags $30M from Business Development Corporation of America
CPXi has secured $30 million in its latest financing round, TechCrunch reported. In addition, Poptent CEO Nick Pahade and Betaworks Chief Revenue Officer Janet Balis have joined the company's Board of Directors.
The funding came from the Business Development Corporation of America and is given through a mixture of debt and equity. This is the first time that CPXi was able to raise external funds, the report said.
There are four main divisions that make up CPXi which was established in 2000. These include bRealTime which focuses on programmatic ad tech, its media execution focused Simplixity, affiliate network Affiture and programmatic ad company AdReady which the digital media holding firm bought last fall, the report said.
CPXi Chief Executive Officer Mike Seiman and President Jeff Hirsch said his company has undergone substantial changes undertaken by the company in the past ten years. Driven by the need to reap profits, Seiman said CPXi has been "pivoting according to the landscape." Hirsch said that the new capital will allow the firm to "stay further ahead of the curves," the report said.
CPXi's eyes are set towards programmatic ad-buying as of the moment. They intend to continue making investments in the space. Although this segment is the in-thing these days, CPXi said what makes their AdReady offering unique is that it is not confined to the automatic buying and selling of ads. Rather, it utilizes automation to its advantage to customize the content that goes together with the advertisements, the report said.
Hirsch told TechCrunch, "It allows you to test and take advantage of who you're reaching with the right message." How does this work? A big company who wants to put up an advertisement could prepare a basic ad template but would permit the content to be customized to each franchise location where the ad will appear. So far, business has been good, with last year's revenue climbing up 49% to $111 million compared to the previous year's figure, the report said.