Bidtellect just raised $22.35 million in new capital to help the company build out its technology platform, product development, and sales and marketing teams.
John Ferber formerly of Advertising.com and DomainHoldings.com is the Chairman of the company.
The Series B funding round was led by new investors Blue Chip Venture Company and G20 Ventures and also included existing investor Valhalla Partners.
Bidtellect, which was founded in 2011, previously raised $4.4 million in Series A funding in 2012.
Bidtellect provides tools for both publishers and advertisers to access and purchase native ad space, and it operates an open real-time bidding exchange that connects the two sides. Bidtellect’s platform handles inventory across the major native ad formats that are defined by the Interactive Advertising Bureau, including in-feed ads and content recommendation ads.
The company works with publishers such as Forbes, Reuters and CNN.
Chief Executive Officer of Bidtellect Lon Otremba told the WallStreetJournal that:
Today, 550 million auctions go through Bidtellect’s platform on a typical day, up from 20 million just six months ago, . The company expects the number of daily auctions that go through Bidtellect to pass 1 billion by September.
It was announced in May that Domainholdings.com was sold to Flippa.com