Marketing

Targeted-Ad Firm Completes $12M Financing Round

5/05/2004 12:00 AM Eastern

Invidi Technologies Corp., which has developed targeted-advertising technology that it’s pitching to cable operators, said it has completed a $12 million round of series-A financing.

Menlo Ventures of Menlo Park, Calif., and EnerTech Capital of Wayne Pa., led the round, which will enable the commercialization of “Advatar,” Invidi’s digital-set-top targeted-advertising-software technology. Business Development Bank of Canada also participated.

The company said its approach enables advertisers and media buyers to selectively target cable viewers with the accuracy of direct mail or database marketing, but without compromising viewer privacy.

Invidi’s CEO is David Downey, and it recently hired Michael Hanafee as senior vice president of marketing.