Eyeblaster Secures Cash Infusion

NEW YORK Eyeblaster, a company that provides online advertisers and publishers with technology to create, deliver and manage ad formats, closed an $8 million round of venture capital funding from Insight Venture Partners.

The cash infusion will be used to expand Eyeblaster’s operations and allow it to move into growth areas, which according to a company representative, could include wireless and mobile device ad serving, interactive TV and online gaming.

“Securing this round of funding will allow us to move forward with our aggressive growth plans for 2004 and beyond and extend our leadership in the rich media advertising market as it matures and grows more competitive,” said Eyeblaster chief executive Gal Trifon. The New York-based company’s competitors include EyeWonder, United Virtualities and Unicast, among others.

As a part of the cash infusion, Insight Venture managing partner Deven Parekh will join Eyeblaster’s board of directors.

Eyeblaster also reported today that 2003 revenue and profit grew by 87.5 percent, though it declined to release dollar figures. The company, which opened offices in Hamburg, Germany, Sao Paulo, Brazil, Chicago and San Francisco last year, said it doubled its staff count to 50.

Also in 2003, Eyeblaster said it served more than 1,400 campaigns with more than 600 running in Q4, a 171 percent increase over the year-ago period. It delivered more than 2 billion impressions last year, a 335 percent boost over 2002.