eXelate Inc., a developer of data analysis solutions for targeted advertising, has raised $12 million in its third financing round. NewSpring Capital led the round, which was held relatively early in terms of eXelate's revenue, and was joined by existing investors Carmel Ventures, Menlo Ventures, and Trident Capital. The company has raised $32 million to date.
Exelate was founded by Meir Zohar and CTO Elad Efraim in 2006. The company's online platform, the eXelate eXchange, functions as an open marketplace between content creators, who control data about Internet users, and advertisers and ad agencies, which can uses this data to offer targeted ads and better measure the effectiveness of them.
eXelate claims to have data on more than 400 million Internet users, and that its products can improve an ad campaign's results 3-5 fold.
Carmel Ventures general partner Shlomo Dovrat says that eXelate has grown by over 300% over the past two years. As for the proceeds from the financing, he added, "The company is considering acquiring companies with complementary technologies."
Since eXelate's previous financing round in 2010, the company restructured and its founder, Zohar resigned as CEO and was succeeded by Mark Zagorski. Zohar now serves as a senior advisor. Headquartered in New York, with an R&D center in Kfar Saba, and offices in Paris and London, the company has 50 employees.
Published by Globes [online], Israel business news - www.globes-online.com - on September 24, 2012
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