Through its Knight Foundation Enterprise Fund, an early stage venture fund focused on media innovation, the John S. and James L. Knight Foundation has announced its participation in a $3.7 million Series A venture financing round in support of Umbel, a privately held digital audience measurement company.
Austin-based Umbel marries traditional research and big-data analysis of social sources to deliver real-time audience intelligence to publishers, advertisers, and sponsors. The funds raised through this financing round will be used to support new hires and execute the company's product roadmap.
"By enabling news providers to become more data driven, Umbel makes original, online news content much more valuable," said Michael Maness, vice president for journalism and media innovation at the Knight Foundation. "At a time when newspapers are losing $7 to $10 in print revenue for every $1 gained in digital revenue, being able to significantly boost the digital side will dramatically strengthen the ability of media organizations to inform and engage their communities."