TV advertising analysis company TVSquared has raised an additional $6.5m (£5.2m) in its latest round of fundraising.
Scotland’s first ever home-grown billionaire, Sir Tom Hunter, led the round along with the Scottish Investment Bank and existing investors.
Hunter’s private equity firm, West Coast Capital (WCC) now becomes the major stakeholder in the Edinburgh-based tech firm.
TVSquared was founded in an Edinburgh garage in 2012 to help brands optimize their TV advertising.
It now has more than 360 clients in 50 countries, and provides insights about which TV advertising slots have the most impact on consumers.
This includes measuring the online activities of viewers, 87 per cent of who watch TV with second-screen devices nearby.
According to TVSquared’s own figures, it can improve TV campaign efficiency by up to 80 per cent.
Paul Davidson, managing partner at West Coast Capital, commented: “TVSquared’s technology is being used by some of the world’s biggest brands to disrupt and measure the effectiveness of the $202bn TV advertising market.
“This funding round positions TVSquared for continued growth and secures a world-class technology and team for that growth.”
Kerry Sharp, head of the Scottish Investment Bank, said: “TVSquared is another example of an ambitious technology company starting in Scotland, successfully operating in international markets and attracting further investment to support its continued growth.
“We look forward to working with TVSquared as it continues to innovate and increase market share.”