The mobile 360 VR ad network, Immersv, has raised around $10.5 million in their latest round of funding. The company is a pioneer in the mobile ad industry and has shed light on the potential of VR to the world of consumers.
Immersv is focusing their attention on using the strengths of VR to help improve mobile advertising, which has a high potential profitable margin. Pre-roll and interstitial video ads are a priority for the company, but it’s no secret that they also want to implement unique attention-grabbing experiences into the sites that millions use on a regular basis, like Facebook and Amazon.
Immersv CEO Mihir Shah worked with mobile AR startup Flyby Media before committing to Immersv, and he believes that spatial advertising has a bright future even with the downfall of VR headset sales. “Mobile video has become very much a commodity,” claimed Immersv CEO Mihir Shah. “We strongly believe that the current platforms are under-innovating and under-performing…We were far more bullish on VR growth than what actually happened. We have a very real opportunity to replace the existing ad network [and] we’re super pumped.”
The company’s funding round was hosted by Roger Venture Partners and included investors Foundation Capital, the Venture Reality Fund, Initial Capital, East Ventures, HTC Vive, MCJ Co. Ltd., GREE, i-mobile, Metaps, and Gigi Levy. CEO Mihir Shah wants to expand the company’s horizons and work towards creating another funding round to new markets in Asia.
Immersv has pleased its investors with positive figures for its first several 360 campaigns. According to TechCrunch, “Immersv ad click-throughs are at 5% while view-throughs are at a whopping 85 percent [and]… the company’s early success speaks volumes for the future of ads on VR, AR and the mobile platforms users are already on.”