Canaan Partners invests Rs 35 Cr in Digital media company SureWaves MediaTech

Venture Capital firm – Canaan Partners has recently led a Rs 35 Cr funding round in a Bangalore based digital media firm SureWaves MediaTech which had earlier raised Rs 10 Cr from India Innovation Fund and Accel Partners in 2011.

Accel and India Innovation Fund also participated in this round.

Founded in 2006 by Rajendra Khare, Anant Kansal and Tapan Datta (Former Wipro colleagues) SureWaves MediaTech functions similar to Amagi Media Labs Pvt Ltd, which allows geographic targeting of television advertisements, i.e. it allows advertisers with the freedom to pick their audiences based not on TRPs of channels alone, but relevant demographics.

“The backing from such prestigious investors is a clear and strong sign that they believe in our vision and the market itself, ” said Rajendra Khare, Founder and CMD, SureWaves MediaTech Pvt Ltd.

The funding will be used to invest in the growth of the company and support further innovation.

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”.

Last year Amagi had also raised Rs 31.25 Cr in funding from Mayfield Fund.

SureWaves is headquartered in Bangalore with offices in Mumbai and Delhi and claims to have filed for more than 40 patents to date on its technology.

The development was first reported by ET.