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Los Angeles

SRAX nets $5.5 million, plus more top funding news for Los Angeles-based companies

Los Angeles-based digital marketing company SRAX has secured $5.5 million in post IPO equity funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Sept. 5 and financed by Special Equities Group.

According to its Crunchbase profile, "SRAX is an advertising technology company providing the tools to automate digital marketers and content owners’ campaigns across all digital channels. SRAX (NASDAQ:SRAX) is a digital marketing and consumer data management and distribution technology platform company. SRAX’s technology delivers the tools to unlock data to reveal brands and content owners’ core consumers and their characteristics across marketing channels."

The 10-year-old company has raised five previous funding rounds, including a $20 million debt financing round in 2014.

The round brings total funding raised by Los Angeles companies in artificial intelligence over the past 90 days to $121 million, an increase of $112 million from the previous three-month period. The local artificial intelligence industry has produced 20 funding rounds over the past year, raking in a total of $176 million in venture funding.

In other local funding news, information services and augmented reality company eyecandylab announced a $1.5 million seed funding round on Aug. 21, led by Band of Angels.

According to Crunchbase, "eyecandylab enables content creators to build engaging and interactive AR-experiences on video, driving user engagement and monetize it by uniting all devices into one seamless experience. The company offers a revolutionary AR solution for broadcasters and content producers to add an interactive component to their video content. By pointing AR-enabled smartphones or tablets at any video screen, the interaction layer is overlaid on the core content, harmonizing them into a singular, seamless experience."

Founded in 2017, the company has raised three previous rounds, including a convertible note round in 2018.


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