Israeli cybersecurity startup Cheq announced on Wednesday that it raised $16 million in a Series B funding round led by Battery Ventures and MizMaa Ventures.
Founded in 2016, Cheq developed AI and Natural Language Processing (NLP) capabilities to combat ad fraud and ensure brand-safe environments for online advertisers. The startup has offices in New York, Tokyo and Tel Aviv.
Cheq said in a statement that it will use the injection of funds to “continue advancing its brand-safety, viewability and ad-fraud prevention capabilities in the areas advertisers rely on the most including display and video, as well as new and emerging media such as CTV [connected TV] and the $152 billion console gaming space.”
“Advertisers need to feel safe across all their online channels and Cheq is now well-positioned to support that need, as we expand to CTV, console gaming and other exciting mediums,” said Cheq founder and CEO Guy Tytynovich.
Itzik Parnafes, a general partner at Battery Ventures said: “Now more than ever, brand safety and ad-fraud prevention should be paramount concerns to large brands.”
Aaron Applbaum, partner at MizMaa Ventures added: “It is rare to see a confluence of such a rockstar team using deep technology to tackle an enormous market while establishing sustainable unit economics.”
The latest funding round brings the total investment in Cheq to date to $22 million.
The startup was one of three Israeli companies listed named to the Upstart 100, an annual list of 100 promising startups to watch by US business TV channel CNBC .