Mobile advertising network Apptera has closed a $10.5 million funding round led by Alloy Ventures, Lightspeed Venture Partners, and Walden International. The company is also announcing that David Karnstedt, Yahoo’s former SVP of North American Sales who has extensive experience in advertising, has joined its board.

Apptera offers a suite of audio and visual advertising solutions for companies looking to place ads on mobile devices. The company is behind many of the voice ads when you hear on free 411 services, as well as the ads found on AOL’s Moviefone. The company estimates that its ads reach over 100 million users a year, with huge growth rates as more companies expand to take advantage of mobile platforms.