• by Mark Walsh , November 11, 2010

Mobile video ad network Rhythm NewMedia Thursday announced closing a third round of $10 million in venture financing led by QuestMark Partners and including prior investors LightSpeed Ventures, Morgenthaler Ventures and Rembrandt Venture Partners.

The company said it will use the new funding to further expand its mobile ad network, which averaged 425 million monthly impressions in the third quarter, up 30% from the previous quarter. Rhythm's premium network includes publishers such as CBS News, Discovery and Animal Planet and advertisers such as AT&T, Macy's, Best Buy and Toyota.