BlueStreak Garners $7M Venture Round

Endeavoring to create more value for Internet advertisements, of Newport, R.I., recently closed a $7 million financing from Zero Stage Capital and Lazard Technology Partners, said Annette Tonti, president of BlueStreak.

The company has developed a single technology that gives advertisers the ability to develop solutions for e-commerce, interactive information exchange and online advertising more rapidly than current technology allows.

“We want advertisers to be able to refresh an ad before it gets overused,” Tonti said.

Proceeds from the offering will be used to expand on the company’s initial successes in entering the Internet market, particularly focusing on increased sales and marketing efforts.

Founded last year, the company focuses on gathering information from Internet users without requiring click-throughs on banner advertisements. Tonti said BlueStreak’s technology is user friendly, in that it does not effect site performance by using minimal bandwidth.

“Our next step is to create a tool for advertisers and agencies to create, design and layout ads themselves,” Tonti said. “The point is to take costs out of interactive production.”

Following the deal, Mark Thaller of Zero Stage and Gene Lowe of Lazard joined the company’s board of directors.

Tonti said the company will likely raise another round of venture financing in the middle of this year.