Phil Schraeder is CEO of GumGum, the artificial intelligence company focused on computer vision and natural language processing. Since 2008, the company has applied its patented capabilities to serve a variety of industries from advertising to professional sports, with more to come.
Essentially, the company unlocks the value of images and videos produced every day across the web, social media, and broadcast television. They teach machines to solve hard problems across the media industry. The company serves contextual marketing in line with content users, helps marketers and right holders understand the media value of their sponsorship investments, and introduces the content safety analysis engine that finds what is relevant or what is dangerous.
In February 2020, they raised $22 million from existing investors Morgan Stanley Expansion Capital, NEA spinout NewView Capital, and Upfront Ventures – bring their total to nearly $60 million. In addition to a walk-through into their technology, Phil shares the new neuroscientific research that explains why contextual targeting is an effective digital advertising tactic.
The findings come from a study GumGum conducted in partnership with neuro analytics company SPARK Neuro, which examined how an ad’s contextual relevance to content influences consumers. Ads with the most contextual relevance elicited 43% more neural engagement and 2.2 times better ad recall, the study found. It also revealed that contextually relevant ads inspired a statistically significant increase in purchase intent.
I learn more about how GumGum is doing its part surrounding education around how to stop the spread of COVID-19. They have partnered with the Ad Council to support the #AloneTogether PSA initiative discussing the importance of social distancing. Additionally, this year, in partnership with the Ad Council, they began developing GumGum Smile, a unique platform experience aimed to amplify the Ad Council’s messaging initiatives.
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