OpenX Technologies has raised $10 million in a third round of funding, bringing its total investment to $30.8 million, the online ad-serving technology provider announced earlier this week.
DAG Ventures led the funding, which will reportedly go toward beefing up OpenX’s sales and engineering teams and expanding its recently launched OpenX Market, a display advertising marketplace for small to medium-sized businesses.
Under the OpenX Market business model, OpenX will match ad buyers with content publishers. OpenX will take a percentage of each transaction it facilitates, but only if the ad buyer bids above a minimum price set by the publisher.
Open X sees the ad market as a way to get revenue from the 40,000 publishers using its free software. The company reportedly claims the market already has a run rate of more than 2 billion impressions monthly.
The company claims its software currently serves 300 billion ads monthly on more than 150,000 sites.
OpenX rebranded itself from Open Ads last year and moved its offices from London, where it was founded, to Pasadena, CA.
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