Ensequence, a developer of interactive TV software and applications, announced that it has secured commitments for $25.99 million in funding -- led by a venture fund affiliated with a family that made a fortune in pet food -- to expand into mobile and connected TV markets.
The funding round was led by Myrian Capital, a venture and capital management firm chaired by Mike Mathile and affiliated with the Mathile family, which owned The Iams Co., a pet-food company purchased by Proctor & Gamble in 1999 for $2.3 billion.
The funding brings New York-based Ensequence to a total of about $144 million raised since it was founded in 2000. Previous investors include Clay Mathile, CEO of CYMI Technologies and former CEO and owner of Iams, and Westbury Partners.
Ensequence also announced that Jim Stengel, former global marketing officer at P&G and a member of Myrian Capital's advisory board, has been named to its board.
"This round will help Ensequence further lead the industry in enabling programmers, advertisers and service providers to transform television into a more engaging consumer viewing experience on all platforms and devices," Ensequence president and CEO Peter Low said in a statement. "Myrian Capital is a trusted partner with a deep commitment to this space and connections that enable us to capitalize on rapid change in the television industry."
"Mobile and connected TV adoption are creating new ways to engage TV audiences everywhere, and we see a significant opportunity for Ensequence to catapult growth by helping its customers transform the way viewers experience television," added J.P. Nauseef, a managing director with Myrian Capital in Dayton, Ohio.
Ensequence's customers include programmers such as NBCUniversal, MTV Networks, Showtime Networks, Turner Broadcasting and HBO, and service providers including Comcast, Dish Network, Time Warner and Verizon Communications. Advertisers using Ensequence's platform to create interactive experiences include Ford, Geico, Jeep, Neutrogena, Nike, Toyota and Visa.
Canoe Ventures, the advanced-advertising company owned by the six largest U.S. cable operators, also had been a large customer for Ensequence, which built much of the interactive TV infrastructure for the venture. However, Canoe announced in February that it was shutting down its ITV operations and laying off 120 employees to refocus on dynamic ad insertion for VOD.
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