Solbright Inc., a developer of advertising infrastructure systems for Internet publishers, advertisers and agencies, announced a $12 million round of financing led by The Travelers Insurance Company, a subsidiary of CitiGroup Inc.
Solbright said it will use the money for product development, operations and marketing.
Atex Media Solutions Inc., a provider of content and advertising management solutions for the print media industry, and a previous investor in Solbright, also invested in this round. Other investors included Keystone Venture Capital , Kistefos AS and Genesys Partners, Inc.
“As Solbright’s products enter the market, we will leverage this additional investment to rapidly increase distribution and drive new product development,” said Key Compton, chief executive officer of Solbright. Joining the Solbright Board of Directors is Jack Rivkin, senior vice president of Travelers Investment Group.
The investment will also fund staffing increases throughout the organization, especially in the key areas of marketing, customer support, and product development, the company said.
Solbright provides software solutions that automate Internet marketing and advertising workflow. Products include AdTraffic Manager, which automates creative submission verification, and Dispatch, a tool that automates online ad buying and selling.