Digital advertising technology company OpenX has scored $20 million in its fourth round of financing, provided by the venture capital arms of strategic partners such as AOL and SAP, in addition to Asian investors Mitsui & Co and Presidio Ventures (Sumitomo).
Previous backers Accel Partners, DAG Ventures and Index Ventures also participated in the round, which brings OpenX’s total funding raised to $50 million.
The additional capital will be used to further the company’s growth, particularly in Asia (Japan and China to be more precise), where the online advertising market is still relatively nascent. In addition, the money will be used to accelerate the adoption of OpenX’s Enterprise solution.
OpenX CEO Tim Cadogen tells me the proceeds may also be used for strategic acquisitions of smaller firms in the near future – they’re basically interested in technology companies that can complememt them in areas where they foresee expansion (mobile ad exchanges, for one).
SAP Ventures led the investment and will take a board seat.