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InMobi's Glance raises $45 million investment from Mithril Capital

Mithril Capital’s investment in Glance anchors a larger financing round of $75 million, which InMobi is in the process of closing.

, ET Bureau|
Sep 11, 2019, 08.15 AM IST
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The company will also use the funds to expand into Southeast Asia in the coming months.
BENGALURU: InMobi Group raised $45 million funding for its mobile content platform Glance from Mithril Capital, the venture capital firm co-founded by Silicon Valley investors Peter Thiel and Ajay Royan.

Mithril Capital’s $45 million investment in Glance anchors a larger financing round of $75 million, which InMobi is in the process of closing.

Glance delivers artificial intelligence-driven, personalized content to the lockscreens of smartphones. Every time a user wakes up their phone, their lock screen comes alive with new visual and interactive content that is personalized for them. As of August 2019, Glance has more than 50 million daily active users who spend 22 minutes per day on Glance. The company has partnered with about 1000 media agencies.

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“Glance is changing the landscape of content consumption to address the demands of the ‘attention economy’ we currently live in,” said Naveen Tewari, Founder & CEO, InMobi Group. “This investment from Mithril will help us further accelerate our journey through continued innovation in content-format, personalization and content discovery, and expand into new geographies.”

InMobi will use the funds to launch multiple new platforms, including Glance TV (a mobile-first, original short form video platform), Glance Gaming (a destination for casual gamers), Glance Shopping (content commerce), and Glance Nearby (a hyperlocal content platform). The company will also use the funds to expand into Southeast Asia in the coming months.

In conjunction with Mithril’s investment, Royan has joined the Glance board. Mithril Capital, headquartered in Austin, Texas with over $1.2 billion in committed capital, is a growth stage investment firm.

Earlier this year, InMobi established a holding company structure with its three core businesses operating as separate entities under it. The three subsidiaries under the holding company, InMobi Group, are: InMobi UMC that will house the flagship advertising technology business, data business TruFactor apart from the consumer content platform, Glance.

Glance already has presence in Indonesia since the last three months and will now look to expand in Malaysia, Philippines and Thailand. Designed with a mobile and video-first approach, Glance is currently available in English, Hindi, Tamil and Telugu in India, and Bahasa in Indonesia.

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