ScanScout, a Cambridge, MA-based startup that has developed a tool that lets online video publishers target the topic of a video, has received $2 million in angel investments, according to Mass High Tech via BizJournals. One of the participants in this first funding round was angel investor Ron Conway, who said he generally invests about $50K in tech companies, but decided to invest $150K in ScanScout, citing growing demand for online video and its ability to attract advertising. Two former MIT classmates, ScanScout’s president Waikit Lau and CTO Steven Lee, developed the technology, which launches publicly next month. ScanScout monitors the content’s spoken text, audio and images and then select related advertisements that run just below the video screen.
Other investors include First Round Capital, Mike Philips, founder of Atlanta-based SpeechWorks, Chris Dixon; founder of Boston’s SiteAdvisor; and the William Morris Agency.