Online video advertising technology firm Adap.tv landed $13 million in a series B round of venture funding, the company announced today. The round was led by Spark Capital, one of the most active investors in the online video business, and also includes existing investors Redpoint Venture and Gemini Israel Fund.
Adap.tv said it will use the cash infusion to speed the development of its products and services. The company raised $10 million in an earlier round. Adap.tv offers a technology that enables the insertion of any type of ad format into online video programming. Since April, the company has inked deals with blip.tv, Metacafe, DemandMedia and others.
Forrester Research expects online video ad spending to hit $989 million this year, up from $471 million last year.