VeraViews, an open-ledger advertising ecosystem designed to prevent ad fraud, has announced its partnership with AIREV, an AI specialist, to launch a groundbreaking initiative in the United Arab Emirates (UAE).
VeraViews and AIREV will combine their expertise in Web3 and AI to tackle ad fraud, a pervasive issue in digital advertising. According to Juniper Research, global digital ad spending reached $382 billion in 2023, with 22% ($84 billion) lost to ad fraud. This figure is expected to rise to $172 billion by 2028, out of total projected revenues of $747 billion.
By leveraging advanced AI analysis, machine learning techniques, and patented Web3 technologies, the partnership aims to establish a gold standard for ad tech and ad fraud prevention in the GCC region and worldwide. VeraViews, one of the fastest-growing ad tech companies globally, recently showcased its significant impact at Cannes Lions 2024. Meanwhile, AIREV is recognized as the fastest-growing AI startup in the country. Beta product releases are anticipated in the last quarter of 2024, with plans to involve other stakeholders, such as publishers, regulators, and authorities in the region.
“Ad fraud is a growing problem worldwide, particularly in markets attracting increased digital advertising revenue,” said Mark Firth, CEO of VeraViews. “Our partnership with AIREV will reassure advertisers that their investments in digital advertising will be protected from fraudulent activities.”
Muhammed Khalid, CEO of AIREV, added: “We are excited to partner with VeraViews, a company that shares our vision for a smarter, AI-driven future. This collaboration with VeraViews, part of Verasity’s open-ledger advertising ecosystem, marks a significant advancement for us.”
