Ad contract marketplace NYIAX has received $5.65m in seed funding in a round driven by WestPark Capital. This will help it deliver on its promise to develop tech that lets publishers sell media in advance for a set price for the coming year.
To date, the company, which purports to be world's first marketplace to trade advertising contracts, has raised $16m to develop its proposition.
The tech enables publishers to sell their media upfront for guaranteed prices in the long term, enabling them to create long-term buying strategy atop the real-time bidding markets the industry appears to currently favour.
The ledger (or contracts) are secured in the blockchain, helping maintain the infallibility of each transaction, adding a degree of much-demanded transparency to the process.
Robert Ainbinder, director of NYIAX, said: “NYIAX’s team and technology has achieved incredible traction in the advertising marketplace and is ahead of schedule on the mission to deliver Wall Street’s automated trading capabilities and financial rigor to media buying and selling.
“We are excited to increase our investment and accelerate the enormous opportunities NYIAX is seizing for those it serves.”
Carolina Abenante, founder, executive vice chairperson, chief strategy officer and general counsel for NYIAX, added: “With the NYIAX platform live with first trades on the schedule for next month, agency holding company partnerships in play, the integration of Rebel AI’s passport into our marketplace and other media companies now beginning to adopt our patent-pending trading method into their own platforms, it’s a very busy and exciting time.
“We are delivering on our promise to put power back into the hands of buyers and sellers and we are grateful for this latest seed investment.”
Back in October 2017, the company announced $5.6m in funding.