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BlackArrow Raises $20 Million

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BlackArrow, a startup that provides targeted ad delivery to TV and broadband on-demand outlets, announced today it has raised an additional $20 million. Existing investors Cisco Systems (s CSCO), Comcast Interactive Capital, Intel Capital, Mayfield Fund and Polaris Venture Partners participated in the round, bringing BlackArrow’s total raised to $38 million.

BlackArrow’s ad management system allows advertisers to dynamically target and update advertisements delivered online, on-demand and via other video platforms. The space has certainly gotten more interesting since we started following the company last year; it seems like everyone wants a piece of the TV ad targeting pie.

Other startups in the space include Invidi, Visible World, Spot Runner (which laid off staff as part of a realignment in August), and Navic (which was acquired by Microsoft in June). BlackArrow investor Comcast (s CMCSA) is also part of Canoe Ventures, a consortium of cable companies developing its own ad platform. And Google (s GOOG) got a boost in its bid to dominate the TV ad delivery space through its recent partnership with NBC.