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InMobi raises $8 million in Series B funding from KPCB, Sherpalo Ventures

Bangalore-based mobile ad network InMobi has secured $8 million in its second round of funding from existing investors Kleiner Perkins Caufield & Byers (KPCB) and Sherpalo Ventures. This new round brings the total funding to over $15 million. In April 2008, InMobi, then known as mKhoj, raised $7.1 million from KPCB and Sherpalo.

Bangalore-based mobile ad network InMobi has secured $8 million in its second round of funding from existing investors Kleiner Perkins Caufield & Byers (KPCB) and Sherpalo Ventures. This new round brings the total funding to over $15 million. In April 2008, InMobi, then known as mKhoj, raised $7.1 million from KPCB and Sherpalo. mKhoj had earlier raised $500,000 from The Mumbai Angels.

InMobi plans to use the new funds to expand its recently launched operations in US, introduce its services in Japan and continue to grow existing operations in Europe, Asia Pacific and Africa. The company also plans to double its engineering staff to further enhance its mobile advertising technology platform globally.

InMobi offers advertisers, developers and publishers a global mobile advertising alternative to Google and Apple. According to InMobi, its network currently serves 16.9 billion mobile ad impressions per month and reaches 179 million consumers in 108 countries. InMobi’s current list of partners includes Reebok, Microsoft, Nokia, Sony Ericsson, Quaker Oats, Yamaha, Barclays and Yahoo.

“Since our launch in 2007, we have focused on building global expertise in mobile ad serving technology with a highly scalable platform,” Naveen Tewari, founder and CEO, InMobi, has said. “This additional funding will help us capitalize on our early success and enable us to aggressively compete in major advertising markets globally.”

Ajit Nazre, partner, Kleiner Perkins Caufield & Byers, has said, “InMobi is a great example of the media transformation taking place due to mobile technology. We support their vision to provide high reach, transparent, performance-based mobile advertising to all corners of the globe.”

“InMobi has exceeded our expectations every quarter since the company’s inception,” Sandeep Murthy, partner, Sherpalo Ventures, has said. “They have not only developed a truly disruptive and leading edge technology, but applied flawless execution to deliver a market changing ad network platform that will achieve new levels in the industry with this funding.”

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