OpenX Closes $10 Million Series C Funding
OpenX Technologies, Inc. , the world’s largest open-source ad server for web publishers, today announced it has completed a $10 million Series C funding round that brings the total investment in OpenX to more than $30.8 million. DAG Ventures led the round and existing investors Accel Partners, Index Ventures, Mangrove Capital, First Round Capital and Jonathan Miller, the company’s board chairman, all participated. OpenX will use the additional funds to further expand its advertising technology products and services and to accelerate the growth of the recently launched OpenX Market (Market) , the company’s new monetization platform. OpenX, then known as Openads, raised $5 million in its Series A financing, which closed in May 2007; it raised $15.5 million in its Series B financing, which closed in December 2007.
According to OpenX, the company has experienced tremendous growth across all of its business lines since its Series B round. From December 2008 to April 2009, the monthly run rate of impressions for the new OpenX Hosted (Hosted) product grew more than 500% to 7.5 billion impressions. The number of Hosted sign-ups now exceeds 10,000 in just six months since launch. OpenX Download, the original version of the company’s open source ad server, has also grown significantly, according to the company. The latest version of the software, OpenX 2.8, has more than 3,000 active users and a monthly run rate of more than 10 billion impressions in just six weeks since launch.
OpenX Market, an e-Bay like ad auction marketplace that connect publishers and advertisers, has also experienced major growth. The Market already has a monthly run rate of more than two billion impressions, an increase of more than 100% since its April 2009 launch.
The company’s community of more than 38,000 publishers powers more than 150,000 websites across the Internet. Using the company’s software in either its hosted or downloadable version, OpenX publishers generate more than 300 billion ad impressions monthly. OpenX products are now used in more than 100 countries and are translated into twenty-five languages including Arabic, by community contributors.
The company currently has four revenue streams: (1) professional services for publishers; (2) premium support packages; (3) premium Hosted packages; and (4) OpenX Market.
OpenX hosted competes with Google’s Ad Manager.