Google (s GOOG) is putting more money behind its TV ads, with a strategic investment in TV ad targeting startup Invidi. The search giant is leading a $23 million Series D financing round, which also includes existing investors such as WPP’s GroupM, Motorola (s MOT),Menlo Ventures, InterWest Partners, EnerTech Capital, Westbury Equity Partners and BDC Capital.
Invidi has technology that allows cable and satellite TV companies to provide targeted adverting to their subscribers, something that Google has been trying to do since launching its own TV ads program in 2007. By using anonymous data from set-top boxes, Invidi can target ads to certain TV viewers on a national, regional, DMA, zone, household or even an individual scale. The startup is already working with satellite providers Dish Network (s DISH) and DirecTV (s DTV) to provide addressable ads to its subscribers.
Google has been pushing to get into the TV ad space for the last three years, and has seen some success, scoring business with Hallmark, Bloomberg and some NBC Universal (s GE) cable networks. As part of the investment, Google and Invidi will work together on “projects of mutual interest,” and Shishir Mehotra, director of product management for Google’s video monetization team, will join Invidi’s board.
Sources tell MediaMemo that Google invested between $10 million and $15 million in the round. Altogether, Invidi has raised more than $85 million since being founded in 2000, including a $25 million funding round led by GroupM in December 2007.
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