Edward Norton’s Adtech Firm, EDO, Just Raised $80 Million

Christian Hetrick

Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.

Edward Norton’s Adtech Firm, EDO, Just Raised $80 Million
Debbie Cerda for Slackerwood | Flickr

EDO, a TV advertising measurement startup looking to compete with longtime industry heavyweight Nielsen, has raised $80 million from Los Angeles-based investment firm Shamrock Capital.

Co-founded by actor Edward Norton in 2015, EDO claims to be the first company to measure TV ads through consumer search activity—tracking online searches five-to-10 minutes after an ad airs and giving advertisers real-time insights into how consumers respond to their commercials. The company says it cross-references a national TV ad database of 200 million airings with anonymized search data to detect spikes in ad engagement.


Earlier this week, the Culver City-based company signed a deal with Discovery to help the media giant track consumer interest for its advertisers. EDO’s other clients include major TV networks such as NBCUniversal, Fox and CBS, as well as brands like Nissan, IBM, Royal Caribbean and New Balance.

EDO is among a new wave of measurement firms seeking to supplant Nielsen, which has long been the gold standard of TV measurement but has struggled amid the rise of online streaming. In turn, some major TV companies have begun looking to other data providers for ad insights.

In a statement, Norton said EDO is aiming to “transcend the antiquated, obsolete methods that have defined TV measurement for too long and put a serious drag on the value and creativity of the whole media and entertainment complex.”

Shamrock’s investment came at a pre-money valuation of more than $200 million and takes EDO’s total funding to date to over $92 million, representatives for EDO said. The company, which keeps a second headquarters in New York City, plans to use the new funds to grow its team, improve its data analytics platform and expand its network of partners and data sources.

Norton co-founded the firm with Daniel Nadler, the founder of artificial intelligence firm Kensho Technologies, which was bought by S&P Global for over $700 million in 2018. EDO’s CEO is Kevin Krim, the former head of CNBC Digital.

Shamrock—an investment firm that specializes in media, entertainment and communications—identified EDO as a “strategically differentiated player” in the TV data measurement space, Shamrock partner Laura Held said in a statement.

“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,” Held said.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
LA Tech ‘Moves’:

“Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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This Week in ‘Raises’: GITAI Lands $30M, Steno Gains $15M

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Gitai Secures $30 Million in Funding to Continue Space Robotics Developments

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Secures $30 Million in Funding to Continue Space Robotics Developments
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

The funding will be used to further develop Gitai’s suite of space robots as well as build out its manufacturing footprint in Torrance. Previously Gitai announced it raised a $17.1 million Series B in March 2021; this additional raise is still part of that round.

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