Medialets just announced a $4 million Series A funding led by Foundry Group.
Medialets launched about a year ago as an analytics and ad-serving platform for iPhone apps and now works with more than 1,000 developers and advertisers including Paramount FedEx and Dockers. The company plans to provide its ad technology on other smartphones including the forthcoming Palm Pre and BlackBerry, Windows Mobile and Symbian devices by year's end.
According to Eric Litman, the company's CEO, Medialets is focused on becoming the standard for rich media advertising units around mobile as well as making the whole process of ad buying, managing, planning and forecasting easier for everyone in the ecosystem in mobile.
Medialets' platform today is used by publishers including MasterCard, MTV Networks and Tribune Media to serve and track interactive ads in iPhone and Android-based apps. Revenue from the ad-supported apps is shared by developers and Medialets.
Litman said that while mobile advertising overall is forecast to increase 30% or more this year, display advertising in mobile apps appears to growing faster than that on the mobile Web. Regarding ad formats, he noted that mobile banners that expand into full-page ads and full-screen interstitials have proven to be among the most popular units.
Medialets plans to use the financing to continue to improve its platform and develop new ad technology tools for agencies and advertisers. To meet those goals, it also plans to expand its staff of 14 with new technology-related hires.
Other venture-backed companies trying to capitalize on the popularity of iPhone and other mobile apps by launching their own ad-serving and analytics tools include Pinch Media, JumpTap and AdMob.