BANGALORE, INDIA: Bangalore based Jivox, the first self-service online video advertising platform for businesses, has announced that it has closed a $10.7 million Series A round of financing led by Opus Capital, an early-stage venture capital firm. 

New investor Helion Venture Partners also participated in the round, along with Jivox's existing investors. The funds will be used to continue development of the Jivox online video advertising platform, as well as to expand the company's sales and marketing efforts in both India and in the US.

The company, head-quartered in California, commenced its Indian operations in March 2008, through a sales and development office in Bangalore. 

Naren Nachiappan, managing director India, Jivox, "The Jivox online video ad platform enables businesses to harness the power of online video advertising by reducing the cost and complexity of developing and placing online video ads. Since its launch in March 2008, Jivox has seen broad adoption of its self-service online video ad platform by advertisers in a wide variety of industries, including travel sites, financial and real estate services, matrimonial services, transportation companies and restaurants."

"Jivox has also gained significant traction with publishers, who are eager to monetise the content on their sites and tap into a huge pool of smaller advertisers that would otherwise be confined to banner or search ads. The Jivox video network now reaches more than 40 million viewers".

Diaz Nesamoney, founder and CEO of Jivox, said, "Online video advertising is the fastest growing segment of digital online marketing, but the cost of creating and placing video ads threatened to keep this medium beyond the reach of most businesses. Jivox makes it easy for both advertisers and publishers to begin taking advantage of online video advertising. The tremendous momentum Jivox has seen since launching just a few months ago demonstrates the strong demand for this type of service."