New York’s ad analytics startup Dstillery is looking beyond the U.S. in a bold expansion plan after raising $24 million in Series C funding.
The company began life in 2008 as Media6Degrees and adopted its new moniker in September last year. Product managers with an interest in ad tech might quickly work out why: announcing the change of name last year, the firm’s CMO Elizabeth Hellmann said that it captured “the essence of our core technology — distilling mountains of data to produce pure brand-leaning audiences.”
The latest cash injection has almost doubled the startup’s total funding to date (it raised $17 million in Series B back in 2010, when the total stood at $28 million. It’s now $52 million). As it happens, the company hadn’t actually intended to raise any more money. It was approaching profitability and things were just fine and dandy. But then it saw a big opportunity opening up on the mobile side of the business and decided it needed some cash to embrace it. Business savvy product managers would probably agree that, in this constantly evolving marketplace, standing still isn’t an option.
Dstillery’s technology can identify core consumer behavior signals from an immense mass of web browsing data, identifying what sets a client’s customers apart from the general population. Then it helps those clients target their ads on those customers. The startup’s capabilities expanded significantly last year to encompass mobile and cross-device targeting after it acquired Everyscreen Media.
Any product manager who knows anything about ad tech will quickly appreciate that that was one cleverly strategic acquisition, dramatically expanding the volume of data it now analyzes from around 9 billion events a day to 22 billion events a day.
With the new funding safely in the company’s coffers, Dstillery plans to explore in-app behavior next – and expand into Europe, too. As CEO Tom Phillips explains:
“Those 22 billion events a day in the US are a critical part of our value proposition. To do what we do in the U.K., or Germany, or Japan, or wherever, we want to have a full view. To take on that full view actually requires a material investment in infrastructure.”
Dstillery currently has offices in Chicago, Boston, Atlanta and Dallas in addition to its NY headquarters. Next stop London?