AI-led advertising startup Cuttable closes $5.5m seed round
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The news: Digital advertising startup Cuttable has closed a $5.5 million seed funding round led by VC firm Square Peg, with participation from Rampersand and strategic angel investors.
The numbers: Cuttable was started by Sam Kroonenburg — co-founder of A Cloud Guru which sold for more than $2 billion in 2021 — with co-founders Jack White and Ed Ring.
The context: The Melbourne-based startup describes itself as Australia's first automated digital advertising agency. It uses artificial intelligence to deliver digital advertising at scale for clients, supporting a growing demand for more personalised and impactful digital content.
The company counts OnePass, Penfolds and Medibank as clients, and is currently developing a new AI-driven feature called "the brand brain". The feature will continuously capture and understand a brand's strategy and objectives, enabling support across strategy, campaign design, video design, copywriting, asset creation, and publishing.
Cuttable also announced that Kroonenburg will step into the role of co-CEO alongside Jack White.
What they said: Kroonenburg said: "Cuttable represents a new frontier in advertising, where technology and creativity converge to deliver unparalleled results for marketers and agencies".
"I first came on board as a first investor, but as I got closer, I saw how much of a role automation and AI can play in advertising," he said.
Square Peg co-founder and partner Paul Bassat, who will join Cuttable’s board, said: "Over the last year, we have spent a lot of time with the Cuttable co-founders and were excited by their combination of deep domain expertise, tech acumen, grit and laser focus on using AI to fundamentally reshape advertising".
The source: Cuttable media release
