Canaan leads $5.6m round for India's SureWaves

Set up in 2006 by Rajendra Khare, Anant Kansal and Tapan Datta, SureWaves has developed a patented technology that aggregates all cable TV channels across India. This allows advertisers to work through a single platform, making it easier to target audiences based on demographics and region.

The company previously raised INR100 million from IIF and Accel in 2011. SureWaves will use this latest round to hire staff, further develop its platform and expand its business overseas, specifically into other emerging markets.

"SureWaves is revolutionizing television advertising by infusing the smartness of digital media like internet and mobile into the mainstream medium of television," said Alok Mittal, a partner with Canaan, in statement. "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".

SureWaves competes with another Bangalore-based startup Amagi, which raised around $12 million from Nadathur Investments, Mayfield Fund and former Infosys co-founder N.S Raghavan.

This is not Canaan's first foray into India's advertising space. In late 2012, the VC took part in a INR350m Series A round for location-based mobile advertising platform AdNear, investing alongside Sequoia Capital.

 

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• Topics
• South Asia
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• Early-stage
• India
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• Canaan Partners
• TMT