Solbright Inc., a developer of
advertising infrastructure systems for Internet publishers, advertisers and
agencies, announced a $12 million round of financing led by The Travelers Insurance Company, a
subsidiary of CitiGroup Inc.
Solbright said it will use the money for product development, operations and
marketing.
Atex Media Solutions Inc., a provider of
content and advertising management solutions for the print media industry,
and a previous investor in Solbright, also invested in this round. Other
investors included Keystone Venture Capital , Kistefos AS and Genesys
Partners, Inc.
“As Solbright’s products enter the market, we will leverage this additional
investment to rapidly increase distribution and drive new product
development,” said Key Compton, chief executive officer of Solbright.
Joining the Solbright Board of Directors is Jack Rivkin, senior vice
president of Travelers Investment Group.
The investment will also fund staffing increases throughout the organization,
especially in the key areas of marketing, customer support, and product
development, the company said.
Solbright provides software solutions that automate Internet marketing and
advertising workflow. Products include AdTraffic Manager, which automates
creative submission verification, and Dispatch, a tool that automates online
ad buying and selling.
