Gurgaon-based SilverEdge Technologies Pvt Ltd, which operates a mobile ad retargeting platform under the brand SilverPush, has bagged $1.5 million (Rs 9 crore) from IDG Ventures, Unilazer Ventures and Palaash Ventures. This round also saw participation from a group of individuals, including Dave McClure (of 500 Startups); K Ganesh (of TutorVista and Growth Story) and Vijay Shekhar Sharma (partner at One97 Mobility Fund), among others.
"The company will use the capital to ramp up technology," said Tapesh Singhi, partner at Palaash Ventures. "Currently, SilverPush offers mobile retargeting. Going forward, it will extend the service to other platforms as well."
In February this year, VCCircle first reported SilverPush's $1 million fundraising from Palaash Ventures and other individuals.
According to Singhi, IDG and Unilazer chipped in later.
Founded in October 2012, SilverPush provides advertisers an integrated dashboard to retarget and analyse their consumers across all screens. The startup has built its own real-time bidding (RTB) platform for mobile, bidding on millions of ad requests a month. SilverPush is a GSF Accelerator startup.
The startup was founded by Hitesh Chawla (CEO), Mudit Seth (CMO) and Alex Modon. Seth is an IIM Ahmedabad grad who had previously worked at AdGlobal360, Wildnet Technologies and Tyroo Media. Before starting SilverPush, he also founded Wiseassist Technologies with Chawla before selling the venture. In this business, they built a product called Wisetouch, which provided a centralised platform for serving advertisements to outdoor media screens and tablets.
Chawla, an IIT Delhi graduate, had previously worked at Evalueserve besides an IP law firm and for a short term headed technology at ID Technologies, before co-founding Wiseassist and later starting SilverPush. Modon, who joined as a co-founder last year, has a BS in e-marketing, advertising and sales management from The University of Akron - Honors College. He had previously started Face to Face Tutoring, an education startup targeted at high school students through the use of real time video chat.
(Edited by Joby Puthuparampil Johnson)