eXalate, an Israel-based based ad network, has raised a $4 million first round from Carmel Ventures, reports TechCrunch. The company offers a variation on behavioral targeting through the use of “delayed ads”, ads that are based on previous sites that a user has visited. Participating networks can pay publishers to distribute eXelate cookies that allow the system to work. Unlike other behavioral ad systems, the company won’t build up a dossier of user-specific info, possibly side-stepping some of the controversy surrounding the whole area. Privacy issues aside, it has to prove superior ROI for it to work.