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Print Edition StoriesThursday, March 26, 2009
Visible Measures takes an ‘opportunistic’ $10M round
By Galen Moore
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Visible Measures Inc. reports it has raised $10 million in a Series C round led by new investor Northgate Capital.
The Boston-based company, which makes software for measuring the impact of digital video, last raised funds in January of 2008 with a $13.5 million round that brought in California-based Mohr Davidow Ventures as a new investor. CEO Brian Shin said the company didn’t need the money in this latest round until next year. The round was “opportunistic,” he said. “We see an opportunity to grow faster.”
The round brings Visible Measures’ total venture investment to $29.3 million -– with a 2006 seed round from five angel investors, including MIT Entrepreneurship Center chairman Edward Roberts. Waltham’s General Catalyst Partners, which led the company’s Series A round in February of 2007, returned to participate in the Series C.
Shin said the company’s next push, technologically, will be to make its video tracking product available to new customers. Customers to date include cable channel MTV, a Viacom Inc. (NYSE: VIA) subsidiary.
“We’re measuring hundreds of years of video consumption -- viewing activity -– daily,” Shin said. “It’s really about making some of that data available to a broader audience.”
He declined to give details as to what kind of companies Visible Measures may target, but said the company has customers in beta trial stages for the new offering.
Shin said Visible Measures will probably grow in size by about 25 percent this year, hiring across all company divisions, but will likely spend more on business and product development than on sales. The startup, founded in 2005, now employs about 40 people. The company is not yet profitable but has a clear runway to the break-even point, Shin said. He declined to specify a timeline.
General Catalyst managing director Larry Bohn holds a seat on Visible Measures’ board of directors, along with Bill Erickson from Mohr Davidow. Northgate Capital, a California-based private equity firm that is a limited partner in Mohr Davidow, will take a seat on the board, but the firm has chosen not to disclose the identity of its board delegate. Roberts also holds a seat on Visible Measures’ board.
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