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Summary:

Hoping to capitalize on the rise of online video sites, FreeWheel, a company started by former DoubleClick execs, is promising to solve issu…

Hoping to capitalize on the rise of online video sites, FreeWheel, a company started by former DoubleClick execs, is promising to solve issues over “who gets the ad revenue?” for syndicated video. The New York startup is certainly confident; in its launch release, FreeWheel mildly suggests that its trademarked “Monetization Rights Management” system will also help remedy problems, such as the writers’ strike.

The company doesn’t stop there. Doug Knopper, co-CEO of FreeWheel, tells Jack Myers (who is also offers a blurb about FreeWheel in its release) that he views the $1 billion lawsuit brought by Viacom (NYSE: VIA) against YouTube as the “poster child” for the company, because it gives content creators more control over their online videos by monitoring if an authorized site is selling ads on its video content. Knopper is the former CEO of online payment system Bitpass; before that, he was SVP/GM at DoubleClick.

The company began its life this week with three clients: Joost, Next New Networks and Hachette Filipacci-owned, car buyer-focused ad network Jumpstart Automotive Media. Release (PDF)

Over the past year, FreeWheel raised two rounds of funding from sole backer Battery Ventures, according to Satya Patel, Battery’s rep on FreeWheel’s board. Patel declined to say how much funding Battery provided, saying that the proceeds have been used to build the team and FreeWheel’s technology.

  1. Bitpass failed – let's see what happens this time.

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