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Google's Schmidt invests in Spongecell

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New York—Eric Schmidt, executive chairman of Google, is leading a new round of investment in Spongecell, a startup company that provides dynamic online advertising technology. The amount of the funding was undisclosed. Other investors include Jim Pallotta, chairman-managing director of investment firm Raptor Group; Brian Rooney, a board member of the Pittsburgh Steelers; and investment firm Silverhaze Partners. The funds will be used to help drive product development and sales, Spongecell said in a statement.
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