TVbeat secures $2m in new funding for its big data TV audience analytics platform

London-based TV startup TVbeat has secured $2 million [£1.2 million] in fresh funding for its real-time TV ratings service that it hopes will let it expand into new markets and develop its platform.

Related: 6 of the best UK startups selected to compete in CODE_n finals at CeBIT 2014

The new funding comes from the UK’s Episode 1 and Czech Republic-based Credo Ventures, both having enough confidence to invest in the big data, real time analytics system

“We are thrilled to see Episode 1 and Credo Ventures recognising the huge potential that our platform offers the media industry,” said Robert Farazin, founder of TVbeat.

TVbeat, which is a finalist in the CODE_n startup competition that takes place as part of CeBIT 2014 later this month, uses live data from connected set top boxes attached to TV sets and other connected devices in order to produce insights into customer viewing habits.

The company, which also today announced a name change from TvBeat to TVbeat, has already piloted its scheme successfully to pay TV platforms, broadcasters and advertisers in Slovenia, Croatia and Serbia with further European expansion on the horizon this year.

“We are already measuring over 15 million customer interactions per day, on all digital platforms, regardless of how and where video is consumed,” says Farazin. “This volume of data can give TV editors, programme directors and marketing teams the kind of precise audience insight they could only have dreamt about in the past.”

In addition to expanding to new territories, the funding will be used to deliver a more powerful and immersive set of tools to pay TV providers in order to better analyse the data already held on customers.

“Real-time insight into customer behaviour and habits helps pay TV providers to adjust their offering accordingly,” says Farazin. “Initial feedback from platforms is great and I expect this to be a strong portion of our business soon.”

ITProPortal is a CODE_n media partner and will be on hand to see whether TVbeat can take home the prize ahead of the other five UK startups nominated for the final award.