MONTREAL, Oct. 18, 2023 /CNW/ - Montreal-based Location Intelligence startup Urbanoid kicks-off its first round of financing with a contribution from Investissement Québec. Urbanoid CEO Pascal Maeder expressed his gratitude over this subsidy earmarked for the pre-commercialisation phase of its Ad Tech solution, codenamed CTX.
"We are grateful to be able to count on Investissement Québec for this last phase before launching our product," declared Mr. Pascal Maeder. "Urbanoid's Location Intelligence solution was born out of research and innovation that will allow Québec's advertising industry to stand out in the market. Our government is proud to support a project like this one, which will also help maintain intellectual property in Québec," stated Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montréal Region.
The AI-driven solution responds to a prevailing concern within the advertising industry: the withdrawal and ban of third-party cookies by 2024. The innovative technology will enable advertisers to bid intelligently for ad spaces without relying on users' browsing history.
Urbanoid has collaborated with Concordia University's Applied AI Institute to develop and patent the CTX technology and after three years of R&D, the company is now ready to bring its flagship product to market. Urbanoid plans to start commercializing CTX in 2024, first in Canada, then across the United States, Europe and around the world.
CTX's AI-trained model analyses dozens of contextual variables surrounding users in real-time, such as weather, transit schedules, public events, offers and points-of-sale, providing advertisers with a real-life contextual Adscore. The CTX service will be available for all digital advertising channels including Web, Mobile and Digital Out-of-Home.
Urbanoid is a Location Intelligence company developing solutions for communication, gaming and advertising platforms. Since 2020, the Montreal based company has developed several projects in collaboration with Concordia University including the AI-based CTX contextual ad targeting solution, a space-time messaging application and a location based chatbot.
More information on urbanoid.com
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