DataSphere Technologies, a US-based advertising sales technology company backed by two strategic investors, has raised $10m in its series C round, according to a regulatory filing.
Venture capital (VC) firm OVP Venture Partners led the C round as a new investor and joined existing investors Ignition Partners, another VC, and Fisher Communications, a Nasdaq-listed media group.
In January, DataSphere raised $10.8m in its series B round from Ignition Partners and two then-unnamed strategic investors. Ignition and one of the public companies previously invested in DataSphere’s $6.5m series A round in July 2006.
DataSphere’s network of more than 750 websites feature information about local news and events drawn both from community residents and media partners including Gannett, Raycom Media, LocalTV, Fisher Communications and Hubbard Broadcasting.
Over the last 12 months, DataSphere agreed to provide local news to 40% of the US population, reaching more than 12 million unique visitors across its advertising network in August, and adding over 150 staff. A further 150 hires are expected by the end of the year.
Satbir Khanuja, chief executive of DataSphere, said: "Having launched over 300 websites over the past 60 days, we are on track to provide neighbourhood news to more than 1,200 communities by the end of the year."