Texas-based Cypress Growth Capital made its first Arizona investment at a Tempe-based digital advertising consultant, Genius Monkey. The investment of $2,000,000 was royalty-based.
Genius Monkey will use the funding to further develop its artificial intelligence behind its advertising software, according to CEO Clint Ethington. Along with general support of their existing software, Ethington hopes to use the money to further develop Genius Monkey’s brand.
The firm’s team and advertising software help customers optimize their online advertisements on platforms such as Google and Bing.
“We’re able to stretch the dollars for a brand and maximize the return on investment,” Ethington said.
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When companies advertise at Google or other places, Genius Monkey software analyzes the ROI of their investment and determines where the company can get the biggest bang for their buck. This way companies don’t spend too much money on the wrong types of advertising, Ethington said.
Through Genius Monkey’s advertisement programing and optimization, cost-per-click advertising can be lower for the firm taking out the ad, Ethington said.
This is an emerging market, Ethington said, and with help from Cypress’ investment Genius Monkey will be able to be a leader in advertising.
There are already about 20 employees working for Genius Monkey, but they have already begun searching for new employees, Ethington said. Genius Monkey hopes to increase its number of employees by 75 percent by the next quarter, he said.
Genius Monkey was looking at other venture firms, but chose to work with Cypress because he likes they way they operate, Ethington said.
“They work as mentors,” Ethington said.
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