Tel Aviv-based Adgorithms Inc. (LSE: ADGO), a provider of artificial intelligence (AI) solutions for programmatic advertising, raised $42 million on the Alternative Investment Market (AIM) of the London Stock Exchange. The pricing of Adgorithms’ IPO at 133 pence ($2.03) per share provided the company with a total market capitalization of approximately £82.1 million ($127 million).
“Machine intelligence is generating shareholder value in many fields: finance, transportation, manufacturing, defense and logistics, among others,” said Or Shani, founder and CEO of Adgorithms. “The support shown by institutional investors is a strong endorsement of our technology, business model and future growth prospects as we continue to democratize access to ‘self-driving’ advertising for any size campaign or company.”
Adgorithms is profitable and cash generative with a blue-chip client base, and was formerly bootstrapped. The company will use the raised capital to expand its global presence and widen the technology gap between competitors’ products and Adgorithms’ self-driving advertising solution, which allows businesses of any size to harness a software-as-a-service (SaaS), fully autonomous solution that delivers immediate results and continues to improve over time.
Adgorithms’ proprietary, AI-based, algorithmic software platform, Albert, enables the automation and optimization of online display, mobile, video and social advertising campaigns. Albert ensures campaigns run efficiently by analyzing advertising opportunities and determining the correct price to pay per impression, which results in targeted placement and maximized return on investment for advertisers. One of the most accessible, cost-effective, efficient and scalable software solutions in the online advertising sector, the Adgorithms technology adapts and updates according to consumer behavior patterns and market changes.
Established in 2009, Adgorithms Inc. develops artificial intelligence (AI) to deliver a self-driving programmatic media-buying platform for online display, mobile, video and social advertising campaigns worldwide. Founded by passionate industry veterans, Adgorithms’ team is constructed of specialists in the fields of AI, big data analysis, applied math and behavioral sciences to continually refine its patent-pending predictive technology and increase automations for marketers. Adgorithms democratizes access to self-driving advertising that is optimized by machine intelligence for any size campaign or company. The company is headquartered in Tel Aviv, with a sales and marketing office in New York.