Things continue to heat up in the mobile ad network space. One week after the Google/AdMob news broke, top mobile ad network Millennial Media has announced a $16 million funding round led by NEA and existing investors.
The company says it will use the money to accelerate international growth (with emphasis on Europe), beef up engineering and sales divisions, and improve its technology for ad placements.
Though it doesn’t have the footprint in the smartphone app space that AdMob has, Millennial has the greatest reach of all ad networks (in monthly impressions), according to Nielsen. The company says its ad network reaches about 80 percent of the roughly 64 million U.S. mobile Web users.