LucidMedia, a Reston, Va.-based provider of an online contextual display advertising platform and meta-network, has raised $8.8 million in new VC funding. Backers include Lake Street Capital, RLI Partners, Melton Investments, Redleaf Group and Milan Mandaric.
LucidMedia (www.lucidmedia.com), an online contextual display advertising platform and meta-network, today announced several milestones surrounding its continued growth, inclusive of the completion of $8.8 million in funding, including the value of converted debt, to support the launch and expansion of LucidMedia’s contextual advertising network; the opening of a New York City sales office on Madison Avenue; and the hiring of a national sales team to better service its growing client base of interactive agencies and corporations. Despite the current economic climate, LucidMedia has experienced steady growth of its client base, driven by its patented contextual page-level technology, developed to maximize campaign performance, increase brand recognition online, and ultimately raise advertisers’ return on investment.
The funding is led by a combination of institutional and individual investors including Lake Street Capital, RLI Partners, Melton Investments, Silicon Valley investment veteran Milan Mandaric, and Redleaf Group, whose CEO, Michael Tomana, has joined the company’s Board of Directors. This is LucidMedia’s third round of funding.
“The continued expansion of LucidMedia’s network, as well as our overall growth, is particularly noteworthy during a time of consolidation throughout the broader online advertising sector,” said Ajay Sravanapudi, LucidMedia President and CEO. “In any economic climate, we believe that offering some of the industry’s highest levels of performance, insight and brand safety provides significant value to the industry and we are very pleased to further our commitment to our clients and partners by opening our Madison Avenue office.”
“LucidMedia has a unique base of proprietary technology, an impressive leadership team and a genuine opportunity to become a disruptive force in contextual online advertising,” said John Kohler, Chairman of LucidMedia’s Board of Directors. “The time is right for LucidMedia to invest in its strategic position and we look forward to working with the team to address the opportunities at-hand.”
“I have been watching LucidMedia for some time and am impressed by the company’s vision and execution, particularly in such a challenging economic environment,” said Bill Melton, head of Melton Investments. “The company’s unique approach to contextual advertising provides agencies, advertisers and other prospective clients with compelling ways to get the most out of their online spend.”
To learn more about working with LucidMedia’s New York City sales office, interested agencies and advertisers can contact LucidMedia at firstname.lastname@example.org for additional information.
LucidMedia Networks, Inc.
274 Madison Avenue
New York, New York 10016
LucidMedia is an online contextual display advertising platform and meta-network focused on optimizing advertising performance for advertisers and their agencies, as well as ad networks and publishers. LucidMedia uses its patented technology to empower advertisers to reach new levels of performance, insight, safety, and cost-efficiency in their online advertising campaigns. The company achieves this through delivering contextual relevance at the page-level for unparalleled targeting, transparency, optimization, and inventory. Through its patented ClickSense® contextual advertising and targeting engine, LucidMedia categorizes traffic from many of the Web’s most respected networks and exchanges in both English and Spanish, providing advertisers with a way to more effectively target online advertising inventory and increase their return-on-spend. Formerly known as Entrieva, LucidMedia was founded in 1999 and launched ClickSense in 2004. Using the deep contextualization of ClickSense, The LucidMedia Network is the first advertiser-centric ad network that can offer complete brand safety, real accountability, and transparency down to the page-level. Today many of the world’s largest interactive agencies, Web advertisers, ad networks, and ad exchanges are relying on LucidMedia to achieve their advertising revenue goals. LucidMedia is headquartered in Reston Virginia at the heart of the Dulles Technology Corridor, with a national sales office in New York City.