Denver, Colo. – SpotXchange, an online video advertising
network, announced on Wednesday that it has closed a $12 million first round of
financing, led by H.I.G. Growth Partners.
Denver, Colo.-based SpotXchange said
it reached profitability at the beginning of 2010, and is consistently ranking
among the top five video ad networks in the U.S., while taking the top spot in
the Canada and U.K.
The company will use the funds to further develop its video
ad network technology, and to expand its international presence.