Me: So where did the for Veenome come from?
Kevin: So actually Veenome was conceived through out a couple of different projects I have been working on and sort of dancing around a variety of different ideas around alternate entry in mobile. What I realized was that you know there is a way to improve some accuracy around image recognition using multiple frames. It basically gives you some context on other side of the frame and helps you to capture some of the information that exist.
I always use this as an example, but if you have this video of a car driving towards you at the beginning of the frame the car is sort of just this outline. You can just kind of see this silver vehicle and at the end of the video you can see the car up in the front and its got a Mercedes logo. You can see what kind of car it is and all that stuff. What you can actually see is that the thing at the beginning was actually a silver Mercedes, as well we can connect those points and so it gives you more chances to get really specific and accurate.
Me: And Veenome allows things in videos to be clickable?
Kevin: Yes, there is two deliveries of our product. One is an api where we deliver data, which is basically the list of the stuff that is in video for large enterprise clients and large video publishers. We can give them delivery of data. They can use if for ad targeting and search.
Me: So Veenome is an enhanced form of marketing using video?
Kevin: I would actually say that we are a new source of revenue, so I guess we are an enhanced form of marketing for video, but we are really a new source of revenue. We are found revenue. We are basically saying look there are products that are already sitting on your video. Why not capitalize on that information and target your advertising to reflect those products and allow allow people to purchase valuable product placement. It will allow consumers to purchase these items that people have paid to place into various videos.
Me: I see that you guys are currently is Beta. Any goals of when you want to launch?
Kevin: Um, so we don’t necessary have a hard launch date since we’re B2B really. Right now we have our API that we’re testing out with some very large television networks and video publishers. Our web product, we have it live in a few sites, but I think the larger splash will be when we make the WordPress plugin available, which basically allows anyone with a WordPress plugin to use our product for free to monetize their videos using object recognition.
Me: Where do you see Veenome in two years?
Kevin: In two years I see us disrupting the video advertising space. Our product is quite a bit different than the standard forms of video advertising right now in the sense that it’s interaction. It’s interaction based, so you have a user that is hovering over an object and they can actually decide whether or not they want to click on that object, so it’s user initiated advertising as opposed to a lot of pre-roll and banner ads that you have to sit through and you have to get out of, but you don’t really have choice of getting into.
We want to try to provide some ways in which the user can decide whether they want to experience the advertising and at the same time open up new revenue channels for video publishers that have super valuable and super expensive product placement deals and products that exist in their videos, yet no real way of connecting those to commerce decisions, so those are the two big areas that we would like to disrupt and I think in two years we can certainly get there.