The cash injection has also attracted matched funding from the investment arm of Scottish Enterprise, alongside existing investors.
TVSquared, based at Edinburgh’s CodeBase technology hub, delivers TV analytics to advertisers in a market worth some $202 billion.
Founder and chief executive Calum Smeaton said: “Global TV advertising is continuing to grow at an astounding rate because TV is the most effective marketing channel.
“With 87 per cent of viewers watching with second-screen devices nearby, TV is now even more powerful as a primary driver of digital activity. This funding will help us continue to provide advertisers with the technology they need to optimise TV for the greatest response.”
Paul Davidson, managing partner at West Coast Capital, added: “TVSquared’s technology is being used by some of the world’s biggest brands to disrupt and measure the effectiveness of the $202bn TV advertising market. This funding round positions TVSquared for continued growth and secures a world-class technology and team for that growth.”
The firm’s technology is used by brands, agencies and networks in more than 50 countries, and is said to improve the efficiency of advertising campaigns by up to 80 per cent.
TVSquared, which also has offices in London, Los Angeles and New York, is chaired by video games entrepreneur Chris van der Kuyl, who said: “This funding round supports TVSquared at a time when it’s growing rapidly as the gold-standard TV optimisation and measurement platform among advertisers across the globe.”
Kerry Sharp, head of Scottish Enterprise’s Scottish Investment Bank, added: “TVSquared is another example of an ambitious technology company starting in Scotland, successfully operating in international markets and attracting further investment to support its continued growth.
“We look forward to working with TVSquared as it continues to innovate and increase market share.”