New York – Spongecell, a developer of interactive display ad technology, said on Monday that it has raised an undisclosed amount of new funding, from investors including Google chairman Eric Schmidt.

Other participants in the investment round were Jim Pallotta, Brian Rooney and Silverhaze Partners.

Founded in 2006, New York-based Spongecell’s platform turns standard banner ads into “rich-media-like” interactive ads that can run in any ad placement.

The company will use the funds for additional product development, and to bolster its sales growth.


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