Rhythm NewMedia appears to be in a pretty good spot, and with 4G networks promising even more punch for video, the future looks bright.
The company yesterday announced the completion of its third round of financing, totaling $10 million. QuestMark Partners led the round, which included participation from existing investors Lightspeed Venture Partners, Morgenthaler Ventures and Rembrandt Venture Partners.
Rhythm says it will use the funds to further fuel the rapid expansion of its mobile video ad network as demand for mobile video grows. The company reports that its national sales team already has sold campaigns to more than 100 Fortune 500 brands this year.
“With this new round of funding, we’ll continue making it easier than ever for large brands to create emotional and meaningful connections with their customers on their mobile phones through the power of video” said Ujjal Kohli, CEO of Rhythm NewMedia, in a press release.
In an interview a few months ago, Kohli maintained that search and banner ads on mobile are just the warm-up act. The real show is going to be rich mobile video ads.
Based in Mountain View, Calif., Rhythm bills itself as the largest mobile video ad network. It works with top brands, with advertisers that include P&G, AT&T, Gillette, Tide, Gain, Pantene, Duracell, Macys, Best Buy, Klondike, Kraft, Michelin, Sprint, Shell and Toyota.
Its publishers include AP, Discovery, CBS News, AMC, Fox, Food Network, Newsday, CW, TMZ, E! Online, Ellen, BET, Animal Planet, vh1 and more.