Clearspring nabs $18 million for widget syndication

The Virginia company, whose technology helps ESPN and Newsweek track and distribute applications across the Web, plans to grow internationally.

Stefanie Olsen Staff writer, CNET News
Stefanie Olsen covers technology and science.
Stefanie Olsen

Clearspring Technologies, a technology platform for syndicating and tracking widgets, has raised $18 million in a third round of funding from New Enterprise Associates and Novak Biddle Venture Partners, among others.

The Virginia-based company, which was founded in 2004, has previously brought in an estimated $18 million in private financing. Harry Weller, a partner at NEA, will join Clearspring's board of directors, whose members including AOL co-founder Steve Case.

The company supplies technology to the likes of NBC Universal, Newsweek, and Maxim.com to serve, track, and distribute entertainment or news applications across the Web. It distributes and analyzes the traffic of about 4 billion widgets monthly, according to the compnay.

Clearspring said it will use the money to expand its network of advertisers and publishers, and grow into international markets.