England’s LoopMe Raises $32M as the Demand for AI Grows

LoopMe, an England-based startup gets funding from different investors in the latest show of growing investor interest in the field of AI. The start-up raised $17M in the initial funding round and ended the funding rounds with a total collection of $32M.

Different growth investors in the UK like Impulse VC open Ocean, Norwegian Air, HV Holtzbrinck and HV led the funding round.

The latest funding has paved the way for LoopMe to enter the American market and expand its business in different cities like Boston, New York, and San Francisco. Worldwide, North America is cited as the largest ad market. The market's worth around $232.5B. In recent years, the majority of the clients have spent maximum time on mobile ads, which indicates the growth of mobile ads.

LoopMe’s video software platform helps advertisements to get displayed on different websites of Smartphones and apps. The advertisements get displayed only when a consumer clicks it or he/she is interested in purchasing something.

Different market brands like Ben & Jerry’s, Norwegian Air and Audi use the technology to determine consumer interest.

This year earlier, a Canada-based venture firm had plans to invest £100m in AI and robotic in the UK and Global Brian, another Japanese firm invested around £35m in Start-ups across the UK.

Currently, the UK is one of the growing hubs for artificial intelligence research, mainly because of its world-class universities and innovation hubs.