iSocket, a provider of programmatic direct and sales automation solutions, announced $5 million in new funding led by Time Warner Investments, with participation by Condé Nast; R&R Venture Partners, a new fund created by Dick Parsons, Ronald Lauder, and Vivi Nevo.
In 2013 alone, $14 billion was spent on directly sold digital media, and almost all of it was executed manually through spreadsheet proposals, paper contracts, IOs, emails, and faxes. When executed manually, the average direct sale can take as many as 50 steps to complete, and can require the touch and facilitation of as many as a dozen people. iSocket's technology automates many of those steps, increasing the productivity of buyers, sellers and operations personnel, while reducing delays, discrepancies, and the potential for human error.
iSocket has just launched a new way to buy premium, fixed price reserved inventory: iSocket For Advertisers (iFA). Agencies, media planning platforms, and direct advertisers can browse iSocket's publisher catalog and buy well-defined, reserved inventory directly from iFP publishers like Microsoft, Reuters, and Forbes.