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Millennial Media Services and Technology to Accelerate Growth of Mobile Advertising Marketplace
New Company, led by industry veterans, will act as "Rosetta Stone," helping advertisers and publishers speak the same language across mobile platforms
Baltimore, MD. (January 16, 2007) - Millennial Media today announced its $6.3 million Series A round of funding and the launch of mobile advertising services that effectively deliver the greatest reach to advertisers, mobile ad revenue to publishers and incremental revenue to mobile operators. The new company is headed by Paul Palmieri, formerly with Verizon Wireless and Advertising.com. The company's veteran executive team has extensive experience in network operations, building mobile content services, and had previously played key roles in creating the largest online ad network and making new markets for publishers on both the web and in mobile.
Research firm Informa Telecoms & Media forecasts Worldwide spending on cell phone advertising could reach more than $11 billion annually by 2011. Millennial Media is committed to dramatically growing the mobile advertising marketplace by delivering innovative and effective campaigns for advertisers and driving significant additional revenue to publishers and mobile operators.
"Everyone's been looking for the secret sauce that will make advertising on mobile devices easier to understand, more actionable, relevant and profitable,"said Paul Palmieri, CEO and founder of Millennial Media. "The challenge to date is that these audiences speak fundamentally different languages. Millennial Media demystifies the entire mobile advertising cycle by providing a 'Rosetta Stone' of technology and services to enable advertisers, publishers, and carriers to speak the same language and all receive the benefits."
The company's cross-platform technology enables the broadest reach, most effective targeting and most insightful measurement. Its services and technology include:
- Millennial Marketplace--A network of mobile media properties that provides high-value advertising space across all platforms and formats, creating opportunities for brand advertisers to drive consumer engagement.
- Millennial Media's MYDAS--A cross-platform ad serving technology that scales to monetize all available impression inventory and optimizes ad delivery for the most effective targeting and best ad presentation possible.
"We are still in the early days of delivering targeted and relevant advertising on mobile devices, and therein lies the opportunity," said Ron Elwell, partner, Bessemer Venture Partners and Millennial Media board member. "Millennial Media has the team, the technology and the services to help grow the entire mobile advertising industry."
The company's Series A round of funding was co-led by Bessemer Venture Partners, and Columbia Capital, and included Acta Wireless.
About Millennial Media
Millennial Media (www.millennialmedia.com) is a mobile advertising company that effectively delivers the greatest reach to advertisers, mobile ad revenue to publishers and incremental revenue to mobile operators. The company provides technology and services that optimize ads to mobile devices and manages the entire ad cycle. A privately-held company, Millennial Media is based in Baltimore, MD.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) is the oldest venture capital practice in the United States. With offices in Silicon Valley, Boston, New York, Shanghai, Mumbai, and Bangalore, the firm manages two billion dollars of venture funds, carrying on a tradition of hands-on, active venture investing that has continued since 1911. Over 100 Bessemer companies have gone public, including American Superconductor, Ciena, Gartner Group, Ingersoll Rand, International Paper, Maxim, Parametric, Perseptive Biosystems, Staples, VeriSign, Veritas, and W.R. Grace.
About Columbia Capital
Columbia Capital is a venture capital firm specializing in the communications and information technology industries. We have an experienced investment team with diverse industry backgrounds in entrepreneurial ventures, management, finance, regulation and engineering. Its team has managed investments in approximately 100 companies in the communications and information technology sectors, ranging from small, early-stage investments to multibillion-dollar public companies. Its most recent private equity fund of $560 million closed in 2006 brings its total dollars under management to over $2.0 billion.
About Acta Wireless
Acta Wireless is an early stage investment and advisory firm concentrating on companies that use wireless technology to improve the way people live, work and play. The Acta Wireless management team provides hands-on support to its portfolio companies, fostering a partner-intensive approach built on insight into the wireless sector and a passion for innovation.