ColorTV raises $1.5 million for its connected TV marketing platform

San Francisco-based ColorTV has announced it's raised $1.5 million in seed funding.

The round was led by Foxconn.

The money will be used to develop a platform to drive native discovery of content and apps on across Apple TV, Android TV and Amazon Fire TV.

“With the rise in cord cutting, growth in Connected TV and newly launched Apple and Android TV app stores, ColorTV simplifies marketing on TV like it's done on the Internet”, said Giancarlo Maniaci, CEO and co-founder, ColorTV.

On the box

ColorTV was launched by entrepreneurs from mobile advertising company TapIt, as well as Google, Samsung, Millennial Media, and Tapjoy.

With offices in San Francisco and Krakow, Poland, its focus is to facilitate advertising and content discovery through internet-connected apps on TVs.

According to NPD Group, approximately 50 million homes in the US now own a connected TV or streaming device.

“The Apple TV and Android TV/Chromecast ecosystem will finally enable marketers to track and run TV campaigns in real-time and target more predictively.

"This is a huge win for TV, and will let marketers better navigate advertising in living rooms across the globe,” Maniaci added.