Online video advertising start-up Adap.TV Ltd. has raised $13 million in its second financing round. Spark Capital of the US led the round, and was joined by current investors Gemini Israel Funds and Redpoint Ventures. The company has raised $23 million since it was founded 18 months ago.
Adap.TV CEO Amir Ashkenazi, chief architect Teg Grenager, and chief scientist Dan Klein founded the company. Ashkenazi was a co-founder of Shopping.com. Grenager as a Ph.D. from Stanford University. The company's platform enables the inclusion of customized advertising video clips. The technology makes it possible for video sites such as YouTube to generate new sources of revenue.
Adap.TV has developed algorithms that analyze video content to determine the most relevant advertising in real time. The company has cooperation agreements with Metacafe Ltd., ThePlatform, and other companies.
Adap.TV is Spark Capital's second investment in Israel, after 5min Ltd. Spark Capital mainly invests in companies that offer technology and products for the entertainment and new media industries.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2008
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