MIT big data spinout Netra raises a seed investment of $1.85m to expand its team and develop its product as it signs a technology licensing agreement with Kantar.
Netra, a big data spinout from Massachusetts Institute of Technology (MIT), has raised $1.85m in seed capital from Launchpad Venture Group, NXT Ventures, Zelkova Ventures, Berwind and angel investors.
Concurrently, Netra signed an agreement with Kantar, licensing its technology to the data investment management arm of advertising agency WPP.
Netra’s technology uses artificial intelligence to analyse photos and videos posted online in order to gain an insight into consumer preferences. The platform is based on reseach conducted at MIT’s Computer Science and Artificial Intelligence Laboratory.
The funding will help Netra drive recruitment, increase sales and develop its product.
The spinout has now raised a total of $2.45m, although details about previous funding rounds remain undisclosed.
Richard Lee, chief executive of Netra, said: “We are excited about what we have delivered so far, but more excited about what we are working on with Kantar.
“On the funding side, we were fortunate to find investors early on who believed in our team, our vision, and importantly helped us identify the best initial applications and markets to target.”
