Google is not the only company looking to invest in mobile advertising. Today, mobile ad company Smaato said it closed a $4.5 million Series B funding round.

The funding effort was led by Aeris Capital, with an undisclosed partner and existing shareholders also participating. The money will go toward growing the company’s global presence.

Although analysts predict sluggish growth for mobile advertising in the near term, Smaato CEO and co-founder Ragnar Kruse expressed optimism for the industry’s future.

“The mobile advertising market is growing rapidly and it has proved to be a profitable business even in recessionary periods,” he said in a statement. “In fact, we have seen mobile advertising increase dramatically over the past 12 months.”

Smaato’s advertising optimization platform for apps and the mobile Web is available in more than 215 countries. The company reports that it has deals with more than 1,000 publishers and is managing close to 3 billion ad requests per month. Smaato recently opened an office in Singapore as part of its expansion efforts.