After launching a little less than a year ago ICX Media closed a $6.6 million Series A funding round last week..
The company will use the funding to expand its sales, marketing and development teams, as well as to continue to develop its data science processing capacity.
According to Michael Avon, the CEO of ICX Media, the funds will be used in two ways.
“We’ll continue to invest particularly in data science and machine learning and some of the core capabilities of the platform, as well as adding additional features, and that will be part of the use of the funding,” Avon explained.
The company is also now ready to spread its presence in the market further.
“The bulk of the funding will really be used to build out our creative marketing team, sales, business development and marketing, so that we can go and really seize on this enormous opportunity today to help brand and media companies find and connect with independent video contractors and create social video and digital video content for them more efficiently and cost effectively,” Avon said.
Local money is backing the company, as the round was led by Grotech Ventures, with participation from D.C.–based Avonlea Capital. Also participating were NRV of Richmond, Va., and Boston-based PJC.
Founded by veterans of Baltimore mobile advertising company Millennial Media, the company uses video analytics to provide creators with insights as to how their videos are doing, and to allow them to stream videos across multiple platforms, as their website reports. They also aim to connect these content creators to brands or media companies that may be able to use their content, essentially providing the central location where creators and potential patrons of their content can find each other more easily. The company said it works with 850,000 content creators.
ICX Media had already raised $3 million in a seed round, which means it has now raised $9.6 million. A New York office opened last year. In addition to expansion in sales and marketing, ICX also has future plans to open another office in Los Angeles.