Dentsu and Hyundai have now invested millions in Audioburst.
Several weeks ago, Blubrry, a podcast hosting company, inked an important deal with AI-powered audio search platform Audioburst.
Under the deal, Blubrry users would have access to the AI platform’s search technology. Podcasters hosted by the former company could now sign up to use Audioburst’s new Creators platform. This includes access to tools, including full episode transcripts and short clips shareable on social media.
Speaking about the deal, Amir Hirsh, Co-Founder and CEO of Audioburst, explained,
“Our mission is to empower podcasters and radio professionals with a robust solution for monetization, distribution, and discovery.
“The integration of [our] Creators platform gives Blubrry’s thousands of creative community members the unmatched tools to transcribe, increase exposure, and earn money.”
Financial terms of the agreement remain undisclosed.
Now, the AI-powered search platform has secured more funding.
Signing to the tune of $10 million.
Audioburst has confirmed two new strategic and investment partnerships totaling $10 million. Dentsu Inc. and Hyundai Motor Company have joined the AI platform’s list of investors. Both have made a $5 million investment.
The new investment brings the company’s total funding to just under $25 million.
In June 2017, Advanced Media made a $6.7 million in Audioburst. In March 2018, Samsung Ventures helped the company raise $4.6 million. Then, Nippon Broadcasting System joined in the following August with a $3.1 million investment.
Audioburst transcribes, analyzes, and indexes radio content in real-time into short-form snippets. The company’s API allows brands and marketers to leverage audio content for user engagement as well as monetization opportunities. Audioburst remains available on multiple platforms, including Amazon Alexa and Google Home. In addition, the company closely works with major brands, including Samsung, LG, ByteDance, and others.
With the funding, the company now will build unique advertising and in-car voice-based experiences in Japanese for Hyundai and Dentsu. Audioburst confirmed it will formally launch in the Japanese market at the end of 2019.
Speaking about the new funding, Hirsh said,
“[The funding] provides us the ability to expand and expedite our technology offering, and tap into a larger ecosystem of investors and partners in the car, media, advertising, and technology spaces.”
Dentsu, a global advertising agency, added the funding remains necessary to create intelligent, audio-based ad solutions for Japan, a “rapidly growing market.”
“Personalized advertising in the radio space has been limited to date. In addition, the emergence of voice-activated services and audio content have provided a rapidly growing advertising opportunity for our clients.”
Featured image by Pictures of Money (CC by 2.0).