Local Mobile Ad Network xAD Raised $4m

Local Mobile Ad Network xAD Raised $4m
Today local mobile advertising network xAD announced a $4 million expansion capital round of funding from Emergence Capital Partners, aventure firm known for its investments in brands such as Salesforce.com, aQuantive and Doubleclick.

The company’s patent-pending mobile optimization technology identifies who, what, and where an end user is, and serves the most relevant advertising based on that information.

xAD was created in 2001 as V-Enable. Today the ad network is serving 200 million local search ad requests per month. The company is profitable and is said to have a growing rate of 20 percent each month. Mobile navigation provider TeleNav is among the companies in the LBS industry working with xAD.

As part of the funding round, Jason Green, partner of Emergence Capital, will join the company’s board of directors. “We have been waiting for the opportunity to invest behind a leader in local mobile advertising, the fastest growing segment of digital media today, and we found it with xAD,” Green said.

xAD will use the investment to expand its technology platform.

Thursday, October 14th 2010

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