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BlackArrow pulls down $20 million in additional funding

Online video advertising firm, BlackArrow has raised an additional $20 million in funding.

BlackArrow, an advertising firm that works with content providers and distributors to develop advertising schemes for on-demand Web video viewers, announced today that it has secured an additional $20 million in funding from existing investors, Cisco Systems, Comcast Interactive Capital, Intel Capital, Mayfield Fund, and Polaris Venture Partners, raising its grand total to $38 million in private funding so far.

"This additional funding validates BlackArrow's performance to date, and our strategy for delivering advanced, multiplatform video advertising systems that help customers maximize revenues," Dean Denhart, president and CEO of BlackArrow said. "As audiences continue to embrace viewer-controlled video, BlackArrow is increasingly the partner of choice for reaching viewers wherever and whenever they are watching television-quality content."

BlackArrow isn't alone in its drive to capture advertising dollars from traditional sources and bring them to the Web, though. BrightRoll, a smaller advertising firm offers highly-targeted ads to well over half of the top 250 sites in the US and has focused much of its time working with major-brand television networks like CBS.

BlackArrow claims it will use the cash to further product development and increase its worldwide efforts -- a sector it has yet to fully capitalize on.