An artificial intelligence (AI) start-up helping writers and musicians advertise their work more cost-effectively has landed some of the leading figures in the UK advertising industry in a seven-figure funding round.
Sky News understands that Shimmr, which was founded by Nadim Sadek, has raised £3m at a valuation of £12m.
Its backers include David Kershaw, Bill Muirhead and Jeremy Sinclair, three of the founders of London-listed advertising agency M&C Saatchi.
Shimmr uses artificial intelligence to usurp the work of strategists, creatives and media planning managers to create automated ads for content creators in industries like music and book publishing.
“It’s the new model, the future of advertising,” Mr. Sadek said.
“Shimmr enables any industry with ‘long-tail’ assets to afford to advertise in ways that were previously impossible.”
According to the company, only 5% of publishers’ catalogs are visibly marketed, leaving the vast majority of assets they own without advertising support.
It claims that its automated ads generate a significant increase in sales of these authors’ works.
Other investors in the funding round include Ben Bilboul, another London-based advertising executive.
Shimmr’s fundraising comes amid a proliferation of the use of AI tools in the publishing industry, including in the generation of newspaper and online stories by some news media groups.