SureWaves raises Rs. 35 cr in it's second round of funding
SureWaves MediaTech Pvt Ltd, a next-generation media convergence company today announced that it has secured Rs. 35 crore in a second round of funding. While the second round was led by Canaan Partners; it also saw participation from existing investors Accel Partners India and India Innovation Fund.
SureWaves’ ground-breaking technology enables large scale aggregation of audiences across multiple television channels and offers a single window interface to large national advertisers to effectively reach out to mass audiences on a market by market basis. The SureWaves Spot TV Network, one of the largest connected television networks of its kind anywhere in the world spans across 28 states and 7 union territories in India through partnerships with over 280 cable TV channels that reach more than 80 million households and 400 million viewers.
According to Founder and CMD, SureWaves MediaTech Pvt Ltd, Rajendra Khare, “Our vision is to leverage the power of media through use of technology for all-round and inclusive socio-economic growth. The funding will be used to invest in the growth of the company and support further innovation. The backing from such prestigious investors is a clear and strong sign that they believe in our vision and the market itself. ”
Alok Mittal, Partner, Canaan Partners India, said, “SureWaves is revolutionizing television advertising by infusing the smartness of digital media like internet and mobile into the mainstream medium of television. Canaan recognizes the huge potential of SureWaves to become one of the foremost media company in television advertising and we are excited to be associated with them”.
Shekhar Kirani, Partner, Accel Partners in India, said, “SureWaves has built a completely disruptive technology that solves the challenges arising out of growing media fragmentation in television and we are excited to continue supporting SureWaves”.
Adding to this, Rajesh Rai, India Innovation Fund, said, “We’ve been associated with SureWaves since 2011, since that time we’ve seen the business grow and evolve into a robust model and we wish them solid momentum in 2014”.
SureWaves marks the beginning of an era where markets, media and consumption converge to deliver unprecedented growth for brands in India. SureWaves is a start-up, headed by second generation entrepreneur Mr. Rajendra Khare, under whose innovative leadership the brand has filed over 30 technology patents. SureWaves is headquartered in Bangalore with offices in Mumbai, Delhi and Kolkata.