Spongecell, a startup that places rich media ads in display advertisements, has raised a new round of financing led by Eric Schmidt and Jim Pallotta, Chairman and Managing Director of Raptor Group. Participating in the round are Brian Rooney, Board Member of the Pittsburgh Steelers, and Silverhaze Partners. The amount of the round was not disclosed but we heard from people familiar with the matter that the investment was just under $1 million. Spongecell transforms standard banner ads into rich-media-like interactive ads that can run in display ad formats. SpongeCell's ads include video, social media, interactive maps, carousels, and downloadable/SMS coupons, and can be created and implemented within a matter of days. The startup's technology can be integrated with popular ad serving platforms such as DoubleClick or Atlas. 
Source: http://feedproxy.google.com/~r/Techcrunch/~3/LIMTSvB0EYI/
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