Canaan Partners invests in Indian digital media firm SureWaves
Indian digital media firm SureWaves has secured INR35 crore in funding from Canaan Partners. Existing investors Accel Partners and India Innovation Fund also contributed to the round, according to Deal Curry.
The Bangalore-based company will use the new funding to hire new talent, enter fresh global markets, and launch innovation. The firm is planning to tap several emerging countries after it establishes its position in the local market, the report said.
SureWaves was founded by Raj Khare, Tapan Kumar Dutta, and Ananth Kansal in 2006. The company offers an integrated advertisement aggregator called SureWaves Media Grid. The said product is also a platform for content delivery, media planning and reporting, and network management. The company's portfolio also includes Digital Display Networks services, the report detailed.
Using its media grid product, SureWaves serves 28 states across India through its team-ups with more than 280 cable channels. The company reaches more than 80 million homes and 400 million viewers. Among its high-profile customers are Nestle, Hindustan Unilever, and Johnson & Johnson, the report stated.
Canaan Partners is an international venture capital firm that invests in businesses that belong to the technology and healthcare sector, Deal Curry reported.