INVIDI Closes $16M Funding Round

3/28/2005 7:50 AM Eastern

INVIDI Technologies Corp. said Monday that it has secured $16 million in series-B financing.

The vendor of targeted-advertising solutions for the broadband-television industry said the round was led by InterWest Partners and joined by the same participants from its first round: Menlo Ventures, EnerTech Capital and BDC Venture Capital.

“The completion of this financing round positions INVIDI to move forward aggressively with cable operators, marketers and advertisers rolling out ‘ADVATAR,’” INVIDI CEO David Downey said in a prepared statement.

The vendor described ADVATAR as a product that “gives cable operators, marketers, advertisers and media buyers the first truly measurable and addressable way to place cable-, digital- and satellite-television advertising in front of the desired viewer demographic.”

“INVIDI is completely rewriting the rules of television advertising so that advertising messages reach exactly who they are supposed to reach in the fast-growing cable and digital-broadcast realms,” Downey added.

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