The added cash will go toward building AdMob’s global operations, the company says, and further developing its mobile advertising platform.
“We believe that now is a critical moment for us to cement our leadership position by making the investments that will help us to come out of this challenging economic environment even stronger than when we went in,” CEO Omar Hamoui writes in a blog posting. “As mobile Web and application usage continues to grow rapidly worldwide, and smart phones — from the iPhone to the G1 — gain in market share, we see a real opportunity to expand the mobile advertising market.”
AdMob launched its first advertising unit for Android applications just a couple of days ago, debuting with such developers as AccuWeather and TapJoy. AdMob says it serves tens of millions of iPhone-based ads every month.
The company has been around since 2006.