ClearTrust, a leading new-age ad tracking and fraud detection platform, has announced that it has raised $1.9 million in a Pre-Series A funding round led by Venture Capital firm Ideaspring Capital with participation from Piper Serica Angel Fund. With the fresh funding, the company plans to expand its operations into North America and further invest in research and development in AI, cybersecurity, and deep tech to develop critical filters that will help detect advertising frauds that have become one of the biggest threats to the advertising industry lately. ClearTrust claims that it has 34 clients in the US, Israel, India, and Europe.
“We are all about making online advertising safe and trustworthy. Our ambition is to pioneer paradigm shifts, particularly in combating ad fraud, a challenge that plagues the digital advertising space globally. With a keen focus on expanding into the US market, this funding propels us towards innovating and implementing solutions that ensure the integrity and efficiency of online advertising,” said Deepankar Biswas, Co-founder and CEO of ClearTrust.
With this funding in place, ClearTrust wants to be a leader in this segment by targeting a served available market of $10 billion annually. The company further claimed that it has witnessed a 3X annual growth for the last two years and aims for a yearly revenue of $10 million by 2027.
“Ideaspring Capital is excited to partner with Deepankar and Raja, Co-Founders of ClearTrust. As digital ad formats evolve and more ads are trading programmatically, fraud detection processes are becoming complex. This results in 23% of all advertising spend being lost to fraud, estimated to reach $170 Bn by 2028. Cleartrust real-time, scalable cybersecurity platform will mitigate this risk. The platform works towards increasing revenue-generating traffic for advertisers, publishers, and ad networks,” Ideaspring Capital, Managing Partner, Naganand Doraswamy stated on this funding.
