Wednesday, October 28, 2009

ScanScout’s Singapore office opening draws $8.5M investment

By Mass High Tech staff

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Video ad distributor ScanScout Inc. has closed an $8.5 million Series B financing round, backed by EDB Investments of Singapore. The Boston-based technology firm said the funds will support U.S. growth and the establishment of an Asian presence with its new Singapore headquarters.

ScanScout has developed an online video ad optimization network, which it launched in 2007. Its latest development, the Super Pre-Roll video ad unit, is designed to integrate interactivity with ads.

In April, the company pulled in a $5.1 million tranche, according to regulatory documents. In May of 2007, it received $7 million in a Series A round led by General Catalyst Partners.

ScanScout won an online advertising category award at the Massachusetts Innovation and Technology Exchange (MITX) technology awards in June.

ScanScout was founded in 2005 by MIT classmates Waikit Lau, who is now president, and Steven Lee, who is now CTO.