Summary:

Contextual display ad targeting firm LucidMedia has secured $8.8 million in a third round of funding. Lake Street Capital, RLI Partners, Mel…

Contextual display ad targeting firm LucidMedia has secured $8.8 million in a third round of funding. Lake Street Capital, RLI Partners, Melton Investments and Redleaf Group all participated in the round, along with an investment from Silicon Valley vet Milan Mandaric. The Reston, VA-based company will use the funds to bolster the launch of its contextual display ad network, set up a New York office and hire a national sales team. And while there are dire predictions for ad networks (and display ads in general) for the coming year, LucidMedia’s targeting technology was compelling enough to attract Yahoo’s attention: it brokered a deal to serve contextually targeted ads on Yahoo’s Right Media exchange back in August — a capability the exchange never had. LucidMedia was founded in 1999 as Entrieva and rebranded itself in March.

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