elevate DIGITAL, Chicago-based developer of street-level digital interactive technology, has secured $1.5 million in venture funding from Partners Path Investments as part of the company’s round of Series A funding.
The company plans to use the funds to fuel the continued development of elevate DIGITAL’s interactive technology offerings as well as continue its geographic expansion with deployments in the top 30 markets by the end of 2014.
George Burciaga, founder and CEO of elevate DIGITAL, says that the company has already signed a new national deal that he will announce in the near future that will include those 30 new markets and about 400 units.
Available through its interactive digital displays, elevate DIGITAL combines interactive software applications and connective advertising with social and mobile integration, enabling advertisers to achieve higher levels of engagement and enhance the customer experience. elevate has created strategic partnerships for placement in high-traffic areas, and developed applications that provide user data and metrics, allowing advertisers to easily measure campaign performance.
What makes elevate DIGITAL different – a ‘game-changer’ according to company management – is its ability to collect unique data and generate predictive analytics.
“Our goal is to be recognized as the leader in connective ads and interactive technology at street level,” says Burciaga.
The Chicago network currently generates thousands of active clicks, passive impressions and consumer profiles per month. The average display sees consumers interacting with its content for more than four hours a day.
“Our platform is disrupting traditional out-of-home advertising, enabling advertisers to activate their brands and connect with customers through a truly engaging medium,” says Burciaga. “With this funding, we will continue developing products and content that engage consumers, especially through mobile and social channels at street level.”
In May, 2012, elevate DIGITAL announced an initial $2.7 million tranche of funding and plans to complete the Series A round before year end. That original funding was from Advantage Capital and some private partners, all of whom are still involved. Burciaga says that the company hopes to raise $10 million over the next 12 months.
“We are experiencing very high growth,” he says.
Partners Path Investments LLC is a wealth management and advisory firm based in New York City with over $1 billion in assets.
Jeff Bernstein, chief investment officer, Partners Path Investments LLC, says, “Out-of-home advertising is the last major channel that has yet to be transformed by the power and flexibility of networking, the visual impact of video and the big data analytics afforded by social media. elevate DIGITAL empowers businesses, large and small, national and local, to reach and transact with people at or near the point of consumption, while also providing tangible benefits to municipalities, transportation authorities, malls,yentertainment venues and stores.
“elevate combines the best of what we look for in an investment for our clients: a seasoned board and management team; tremendous partnerships with global companies; a familiar yet superior business proposition for customer; and a franchise value that builds over time.”
Since its founding in 2011, elevate DIGITAL has deployed more than 70 screens across the city of Chicago and has plans to activate within Chicago’s airports. The company has also established partnerships with organizations such as Groupon, The Tribune Company and World Business Chicago, among others.
The company has been exhibiting lately at trade shows and conferences, the latest being for the Association of National Advertisers where it showed its newest large interactive displays.
elevate DIGITAL joined the Digital Place-based Advertising Association in the past year.
“It has been helpful in building connections, resources and industry information,” says Burciaga.