Permutive secured a $18.5 million Series B round led by Octopus Ventures and including EQT Ventures.

Permutive, a London, UK-based software developer of a tool for advertising-based businesses, announced the completion of a $18.5M funding round, series B.

The money was raised by investors led by UK-based Octopus Ventures and including contributions from Sweden-based VC EQT Ventures as well as from existing investors.

Proceeds will be used for international expansion of the business, particularly in North America.

Permutive, founded in 2013 by CEO Joe Root and Tim Spratt, built a SAAS platform used by publishers to increase their targetable advertising, while still protecting reader privacy by using edge computing and processing user data on device. The tool is in use by global customers including BuzzFeed, Penske, The Financial Times, The Guardian, Business Insider, The Daily Telegraph and The Economist.

Prior to this round, Permutive raised about $10 million.