Citing a program of expansion, ad exchange network Nexage has announced it's closed a $10 million series B financing round led by Singapore Telecommunications' investment arm SingTel Innov8.

The money will be put to use growing Nexage's business so the company is in a position to take advantage of the 'real time bidding' (RTB) business,.

 

It's a market Nexage claims has become "the strategic technology foundation of the mobile advertising industry."

Next up for Nexage

"The mobile revolution has reshaped how consumers work, learn, play, and live – fuelling the remarkable growth of mobile advertising," said Nexage CEO and president Ernie Cormier.

"RTB is critical to the market's ability to meet this extraordinary opportunity, providing the requisite efficiency and liquidity and the unique real-time discovery and targeting capabilities that are essential to advertisers.

"With this financing in place, we will extend our RTB leadership and help drive the growth and maturity of the mobile advertising market."

Nexage's own RTB exchange grew in bid volume by more than 70 percent per month in 2011, but the firm is targeting further growth in the coming months.

Existing investors Relay Ventures and GrandBanks Capital also participated in the funding round.