Crit Ventures Invests in Series B Funding for Media Tech Company "New ID"

Venture capital (VC) firm CRIN Ventures has participated in the Series B funding round for the media tech company New ID.

On the 14th, CRIN Ventures announced that it had acquired new shares worth KRW 1 billion in this investment round. New ID is a company that develops and operates its own global OTT·FAST broadcast platform, advertising operations and monetization platform, artificial intelligence (AI)-based localization platform, and dedicated solutions for automotive and CTV platforms. In particular, in the FAST (Free Ad-Supported Streaming TV) segment, where users can enjoy content for free in exchange for watching ads without a subscription fee, New ID stands out among Asian companies by offering the largest number of K-content channels globally, based on its unrivaled technological capabilities.

New ID has formed partnerships with more than 30 global streaming platforms, including Samsung TV Plus, LG Channels, Prime Video (Amazon), Pluto TV (Paramount), and Tubi (Fox), and operates more than 400 FAST channels, positioning itself as the largest FAST operator in Asia. Since 2022, it has achieved an outstanding compound annual growth rate (CAGR) of 37.3% over three years, and last year, it also received the '3 Million Dollar Export Tower' award from the Ministry of Trade, Industry and Energy and the Korea International Trade Association.

Through this investment, New ID plans to more than double its CTV advertising business and further enhance its proprietary technology platforms and solutions, further solidifying its position as a tech company that supports the monetization of not only content partners but also global platforms.

Song Jaejoon, CEO of CRIN Ventures, said, "In the future, we will actively leverage CRIN Ventures' network to expand not only content but also K-beauty and K-food lifestyle channels."

This content was produced with the assistance of AI translation services.