Jeng raises $4 million to help digital publishers to master audience engagement
New Financing Fuels Innovation in Company's Jeengage Data Driven Platform that Curates & Delivers Personalized Content to Every Subscriber
Jeeng, the trusted audience engagement and monetization partner for publishers, today announced the company has secured $5 million in new financing from Mizrahi-Tefahot, Israel's third-largest bank. The new line of credit provides working capital to fuel expansion of the company's exclusive Jeengage AI platform that helps publishers curate and deliver the personalized experiences subscribers expect from today's digital platforms.
As part of that expansion, the company has hired veteran Israeli Military Intelligence expert Roy Cagan as its new Chief Technology Officer and former Salesforce and Playtika data scientist Yair Even-Zohar as Chief Data Scientist. The duo will lead engineering, execution and scale-up of Jeeng's exclusive publisher-focused AI technology that automatically matches and delivers the right content to the right subscriber over the right channel.
"Financing proven and promising technology is a core part of our mission to support business growth and economic recovery. The Bank has rich and proven experience in financing Start-Up companies and it is one of the most active players in the Israeli Hi-Tech industry," said Dani, Maor, Head of Hi-Tech Department at Mizrahi-Tefahot. "Jeeng has demonstrated solid profitability and growth even in the face of a difficult global economy over the last year, and its groundbreaking technology solves a serious pain point for publishers of all sizes. We're pleased to support Jeeng's continued growth and look forward to seeing its technology expand to help even more publishers drive new revenue."
Jeeng's unique capability enables publishers to turn site visitors into logged-in subscribers without the use of a paywall to build 1:1 relationships with their audiences and end reliance on third-party cookies and social media platforms. With over 20% YoY growth in 2020 and more than 700 publishers now using the platform, the financing has already enabled Jeeng to bring on new talent to meet surging demand, growing its headcount by 40% over the last year.
The new access to capital also comes immediately on the heels of the company's rebrand from PowerInbox to Jeeng, reflecting the company's move beyond email to include push notifications, newsreaders and other messaging channels to engage new and existing audiences with personalized content and monetization.
"As cookies become obsolete and trust in social platforms like Facebook and Twitter continues to decline, publishers need a first-party data strategy to rebuild those critical 1:1 relationships with their subscribers," Even-Zohar said. "Jeeng delivers that solution, essentially providing the industry's first artificial neural network to index publishers' entire body of content and deliver the most personalized content recommendations to subscribers with practically zero publisher effort, enabling them to grow with minimal investment."
Investing in Tech & Talent Drives Market Expansion
Dr. Even-Zohar brings over 18 years of experience in developing and implementing machine learning, recommendation engines and data strategies in large-scale deployments. He will lead Jeeng's data science team, helping publishers implement the data strategies they need to compete without having to make huge investments in technology and personnel.
Cagan, who has spent more than 20 years perfecting data intelligence techniques, most recently served as Head of Cyber Operations and R&D with the Israeli Army. As CTO, he will not only lead efforts to build out a world-class engineering team, but also optimize the Jeeng platform for precise, yet privacy-compliant, personalization at scale.
"Investing in R&D and technology innovation has always been a core part of our value proposition, but now we've doubled-down on that promise to our customers," said Jeeng CEO Jeff Kupietzky. "With new expertise and new capabilities on board, we're extremely well-positioned to become the de facto standard in audience engagement and content monetization for publishers."
To learn more about the Jeeng personalized, automated messaging platform for publishers, visit www.jeeng.com.
About Jeeng Jeeng, formerly PowerInbox, provides personalized, automated and multichannel messaging solutions allowing publishers to drive new revenue with personalized audience engagement. With Jeeng, publishers can better own and optimize their audiences – focusing on automated, cross-channel messaging tailored to audience interest, easily managed and supported by a dynamic messaging platform. Venture backed, Jeeng supports 150 million unique users a month from over 650 leading publishers including VICE Media, The Atlantic, Bonnier, Salem Web Network, Crain's, HarperCollins and Vox Media.
For more information about Jeeng, visit www.jeeng.com.
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