NEW YORK (AdAge.com) -- Online data firm Lotame Solutions raised $11 million in a new round of funding, according to the company. Emergence Capital, which led the previous round of $13 million, was the principal backer, along with Hillcrest, Battery Ventures and Pinnacle.
"I was really looking to back a team and a technology that would help monetize social media," Jason Green, general partner and founder of Emergence, said of his firm's continued investment in Lotame.
The New York-based company has now altogether taken in $34 million, but the most recent investment will be used toward a new initiative that allows web publishers to sell audiences outside of their own site.
"This is a way to give publishers more ownership," Lotame CEO Andy Monfried said. "Publishers have gotten the short end of the stick for too long. Our platform offers the ability to own their own data, and to sell their audiences with third-party traffic."
A web publisher of sports content, for example, would be able to buy audiences from movie sites as part of a sales package to a studio looking to market a sports-oriented movie. A range of publishers already participate in this data network, including American Greetings Interactive, which publishes greeting cards, as well as movie site Flixster.
As part of this effort, Lotame has hired former Comcast Interactive sales director Bruce Budkofsky as VP of sales, and Andrew Bradway as head of publisher recruitment. Mr. Bradway was formerly the senior sales leader at Metacafe.
Separately, Lotame recently entered into a partnership with other data firms such as BlueKai, allowing consumers to see and edit the data that is collected about them. This comes at a time when the Federal Trade Commission and the Department of Commerce have called on the internet industry to provide better access and control over the data that many companies collect as part of the digital advertising economy.
"We're allowing people can see how the data was accumulated and then they can opt out," Mr. Monfried said. "It's absolutely imperative that Lotame stay at the cutting edge of privacy."
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