Fishers-based audio marketing tech company Vibenomics Inc. has secured $12.3 million in funding to help fuel its growth, the company announced Tuesday.
The lead investor on the Series B round is Atlanta-based Panoramic Ventures, one of the largest tech venture funds in the Southeast. Panoramic also has invested in other central Indiana tech companies, including marketing tech firm DemandJump and business collaboration platform MetaCX, both based in Indianapolis.
Vibenomics uses cloud-based technology, data integration capabilities, a licensed library of background music and on-demand professional voice talent to deliver music, audio advertising and messaging to in-store customers.
The company said its goal is to triple the number of locations in which its broadcasting is heard, reaching more than 20,000 locations by the end of 2023.
“This funding validates our investors’ belief in the future of Vibenomics and what we’re building,” CEO Brent Oakley said in a written statement. “… We’re anticipating another record-breaking year in 2022 and these funds will enable us to continue innovating and accelerating product developments, building on our momentum.”
Including the new funding round, Vibenomics has raised a total of $33.7 million in capital since its 2016 launch.
The company has landed some significant customers within the past two years: In July 2020, Vibenomics began broadcasting inside Kroger’s 2,300 grocery stores. And in February, Vibenomics audio began broadcasting in more than 400 of Iowa-based Hy-Vee’s grocery stores and its Hy-Vee Fast and Fresh convenience stores. Hy-Vee announced in January that it plans to enter the Indianapolis market with a 150,000-square-foot store in Zionsville.
Vibenomics has nearly 40 employees, with about 90% living in the Indianapolis area and 10% living elsewhere and working remotely. By the end of this year, the company expects to increase its workforce by 25%, with a focus on sales and marketing positions.