TidalTV has completed a $16 million financing round, wrapping up funding that was first made public through an SEC filing back in October. The funding was led by Comcast (s cmcsa) Interactive Capital, the cable company’s investment arm, and includes existing investors New Enterprise Associates (NEA) and Valhalla Partners. Along with the financing, the online video ad firm will add Comcast Interactive’s David Horowitz to its board.
TidalTV, which was founded by Advertising.com alum Scott Ferber, originally set out to create a Hulu-like video destination site, but has since decided to focus on its targeted ad technology for advertisers. The company works with more than 75 brands, and has relationships with agencies like WPP’s GroupM. TidalTV provides the video ad optimization and yield management technology for GroupM’s advanced television initiative.
TidalTV says it will use the funds to advance its targeted ad technology. The company previously raised $15 million from NEA and Valhalla in early 2008, bringing total financing to more than $31 million. The company has about 40 employees currently, but it plans to expand in all areas of its business, including sales, publishing services, technology and new media initiatives.
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