Tunity, the developer of a unique Deep Learning and Computer Vision based technology that allows users to hear live audio from muted televisions directly on their mobile device, today announced a $12 million Series A funding round. The investment comes from existing investors, such as John Mack, former Morgan Stanley CEO, and Adam Neumann, Founder and CEO of WeWork, as well as new partners, including MGM Resorts International.
The funding will be used to complete the productization of Tunity’s data, which is already attracting significant interest from television networks and advertisers, as well as enhance its patented cloud-based Deep Learning and Computer Vision technology. Since its launch, the Tunity app has been downloaded more than 1.5 million times, further proving the company’s value proposition to consumers through organic adoption and continued usage. Several key industry executive hires will be announced in the next few weeks.
After a user scans a nearby television screen, the Tunity app identifies the live video stream and its exact timing, syncing the audio with the user’s mobile device. Tunity currently works with more than 100 channels in the United States, including FOX, CBS and ESPN.
“With more than 20% of Americans watching television outside of the home, today’s announcement brings us one step closer to transforming the way consumers interact with live programming they want to watch but can’t hear,” said Yaniv Davidson, Founder, Tunity. “Measuring these out-of-home audiences has tremendous value to brands and the networks. Extracting Tunity’s unique data insights will provide better understanding of viewing habits, and lead to more effective ad buying decisions.”
In a related announcement, Tunity and MGM Resorts will be launching a strategic partnership. MGM Resorts will utilize Tunity’s patented technology to enhance their guests’ experience and drive greater customer engagement, enabling its guests to hear any TV at its properties through their mobile applications.
“We are happy to invest in Tunity and its incredible technology, and are excited to partner with the company to further enhance the experience for guests within our resorts and beyond,” said Steve Zanella, MGM Resorts’ President of Core Properties, Las Vegas. “We are always looking for new ways to elevate the guest experience, and Tunity’s technology will help us continue to lead the industry with an innovative and engaging approach to our customer experience.”Read Complete Article