Marketing optimization startup Voyantis launches with $19 million in funding
Voyantis Ltd., a startup that helps businesses increase the effectiveness of their ad campaigns, launched in stealth mode today with $19 million in funding.
Funding was provided by a group of investors including Target Global, Square Peg and half a dozen other institutional backers. A number of executives from major technology companies such as Adobe Inc. and Meta Platforms Inc. also participated.
Based in Tel Aviv, Voyantis offers a software platform that helps companies optimize their online advertisements. The platform uses artificial intelligence to analyze a company’s internal business data and gather information about its customers’ shopping preferences. According to Voyantis, the information collected by its AI can be used to inform the development of more effective advertising campaigns.
With the help of Voyantis’ platform, a retailer could create ads that more effectively target customers who spend the most in their online store. It is also possible to optimize a promotional campaign in other ways. A company could, for example, optimize its advertisements to better attract the attention of users who have a high retention rate and frequently make repeat purchases.
“Discussing with hundreds of customers, we realized that there was a need to move from decision making based on spreadsheets and calculations to decision making based on machine learning and predictions”, said Voyantis co-founder and CEO Ido Wiesenberg. “Another realization is that predictions alone are not enough, the ability to act transparently on them is no less important.”
To help businesses leverage the insights provided by its platform, Voyantis offers integrations with popular advertising and marketing automation tools. Integrations make it easy to incorporate data from the startup’s platform into ad campaigns.
“Predicting who the high-value customers are becomes even more critical as the mindset shifts toward profitable growth,” said Square Peg Partner Yonatan Sela. “These are inputs that any business growing its customer acquisition and retention efforts online should leverage, and Voyantis makes them readily available across the organization.”
According to Voyantis, its platform has helped clients achieve an average 47% increase in return on ad spend. Moreover, the startup promises to facilitate the work of enterprise data science teams. Voyantis’ AI algorithms automate the task of analyzing a company’s business data for ad optimization opportunities, which is usually a complicated and time-consuming task.
Startups are also using AI to optimize other aspects of organizations’ marketing operations. Recently funded start-up Movable Ink Inc. uses machine learning to Personalize promotional content for different users. Blue Ocean AI Inc., which raised a $30 million funding round in April, helps companies track brand awareness and other marketing metrics.