Innovid

Innovid started off as an independent AdTech firm providing ad serving solutions for traditional linear TV. Since then, the firm has expanded its capabilities to specialize in digital TV advertising, in particular, connected TV (CTV). The firm’s ad serving platform provides a range of solutions, including, 1) an omnichannel ad serving platform that works across 25+ devices including mobile, desktop, and video game consoles, 2) ad personalization tools, and 3) an ad measurement and analytics platform. The firm has also developed a proprietary identity resolution system, “Innovid key”, which maps consumer data gathered from 95 million CTV homes and other first-party data on a privacy-compliant basis. 

The firm claims to be the only purpose-built ad server for CTV advertising, with more than 60% of the firm’s revenue accounted for by CTV. The firm has positioned itself as an independent source for advertising analytics, where it receives no revenue from media publishers and hence competes with legacy systems such as Nielsen (focused on broadcast TV). 

The firm has extended its capabilities through a series of acquisitions, the most recent being in February 2022 when it acquired TVSquared , a TV ad measurement and attribution platform for USD 160 million. In addition, in June 2022, the firm launched InnovidXP, a unified cross-platform ad server solution to enable cross-platform measurement capabilities. In July 2023, the firm introduced a cross-device solution designed to match multiple devices to user interactions to improve the accuracy of conversion rate measurement. 

Key customers and partnerships

The firm’s solutions are targeted at brands and ad agencies, which, as of June 2022, included 100+ core clients, including Honda, Whirlpool, General Motors, and Anheuser-Busch.

Innovid has also entered into a number of multi-year strategic partnerships including with AdImpact (ad intelligence data provider), FreeWheel (international audience measurement platform by ComCast)  and Tubi (streaming service owned by Fox) to broaden its CTV analytics capabilities. In June 2022, the firm was also recognized as certified partner of Magnite’s   (a supply-side ad platform) measurement and attribution program to add currency optionality to its programmatic CTV offerings. In June 2023, the firm partnered with Infillion, an advanced media buying platform to streamline the workflow and expand publisher reach for choice-based interactive ads on connected TV (CTV).

Funding and financials

In December 2021, the firm was listed on the NYSE via a special purpose acquisition company (SPAC) ION Acquisition Corp. 2, where it raised a total of USD 200 million via private placement of common stock (PIPE), valued at USD 1.3 billion. 

Innovid reported a revenue of USD 127.1 million and an adjusted EBITDA of USD 1.2 million in FY2022. On the back of robust Q2 2023 performance, the firm upgraded its full-year 2023E revenue guidance to range from USD 132 million–USD 136 million. Additionally, it raised its positive adjusted EBITDA, targeting a margin of 10%, a significant increase from the previous 5%.