[Funding alert] InMobi Group’s Glance raises $45 million investment from Mithril Capital
Peter Theil’s investment firm has come onboard Glance and the fresh funding will be used to launch multiple platforms as well as get into South-East Asia market.
Glance, the mobile first content platform and part of the InMobi Group has closed $45 million in investment from Mithril Capital. Headquartered in Austin, Texas, Mithril Capital, with over $1.2 billion in committed capital, is a growth stage investment firm co-founded by Silicon Valley investors Ajay Royan and Peter Thiel.
Glance delivers artificial intelligence-driven, personalised content to screen zero of smartphones. As of August 2019, Glance has more than 50 million daily active users who spend 22 minutes per day on Glance, the company said in a press release.
In conjunction with Mithril’s investment, co-founder Ajay Royan has joined the Glance board.
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According to Glance, Mithril’s $45 million investment anchors a larger financing round. The new funds will enable Glance to launch multiple new platforms, including Glance TV - a mobile-first, short form video platform; Glance Gaming - a destination for casual gamers; Glance Shopping, where content meets commerce; and Glance Nearby - a hyperlocal experiential platform. The company will also use the funds to expand into Southeast Asia in the coming months.
“Glance, the world’s first and fastest growing screen zero platform, is a powerful innovation to democratize content and commerce on the mobile Internet,” said Ajay Royan, Managing General Partner and Co-founder of Mithril Capital. “We share Glance’s global vision of breaking through the constraints of application architectures and linguistic markets to deliver rich, friction-less, and engaging experiences across a myriad of cultures and languages.”
“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.
He added, “This investment from Mithril will help us further accelerate our journey through continued innovation in content-format, personalisation and content discovery, and expand into new geographies.”
Glance has partnered with all leading Android phone makers in India to deliver a universal screen zero experience. It is currently available in English, Hindi, Tamil and Telugu in India, and Bahasa in Indonesia.
Besides Glance, the other companies of InMobi Group includes InMobi Marketing Cloud and TruFactor.
(Edited by Rekha Balakrishnan)