NEW YORK—The data, measurement, and analytics software company EDO has announced that it has closed on a $80 million strategic growth investment from Shamrock Capital, a Los Angeles-based investment firm specializing in media, entertainment, communications, and related sectors.
EDO currently works with a number of TV companies and streamers including Discovery, which recently announced it would be working with EDO to measure the impact of ad campaigns.
The investment provides EDO with significant capital to scale its rapidly growing business in outcome measurement for Convergent TV by expanding its team, further enhancing its Ad EnGage Convergent TV analytics platform, and expanding its partner network of data sources.
“Over the past 40 years, Shamrock has developed deep expertise in the rapidly evolving media and entertainment industry. As we studied the opportunity in Convergent TV measurement and data, we quickly identified EDO as a strategically differentiated player at the forefront of innovation in a massively valuable global ecosystem,” said Shamrock Capital Partner Laura Held. “EDO has amassed an impressive network of partners, clients and team members who we believe are reshaping what is possible from Convergent TV measurement, ad performance, and consumer engagement insights. We look forward to working closely with the EDO team on their continued growth.”
EDO was founded in 2015 by Edward Norton and Dr. Daniel Nadler.
“With tens of billions in advertising at stake amid an ever-competitive Convergent TV landscape, many of the largest and most dynamic brands, agencies, technology platforms, studios and networks have come to trust and depend on EDO,” said EDO President & CEO Kevin Krim. “We’ve fundamentally changed what is expected from the effectiveness of TV advertising — weak proxies and soft signal don’t cut it anymore when our customers know they can get real-time, always-on measurement that confidently predicts business outcomes and allows them to optimize while campaigns are in flight. The industry is hungry for a whole new definition of ‘currency,’ especially one that inherently reflects the fair value of what’s being bought and sold — that is outcome measurement. We’re thrilled to earn the support of Shamrock Capital, which shares our vision and brings an outstanding track record of helping companies turbocharge their growth.”
