• by Tyler Loechner , February 3, 2015

Boston-based nToggle, an ad tech firm operating in stealth mode, on Tuesday announced it has closed a $5.6 million Series A round of financing. The round was led by Sigma Prime Ventures and Bessemer Venture Partners.

Adam Soroca -- former chief product officer at Jumptap, which was acquired by Millennial Media -- founded nToggle. The company uses its own algorithm to help marketers manage “bid streams” in programmatic exchanges. The company claims its technology “optimize[s] supply and demand matching.”

“Having lived through the first stage of the programmatic gold rush, we see the opportunity for a neutral third-party platform to accelerate the path to the programmatic future,” stated Soroca, who is also CEO of nToggle.

“Unlike other platforms, nToggle doesn’t compete with programmatic buyers and sellers. We immediately jumped at this deal because the team’s ambition is to help all programmatic advertising technology companies,” stated John Simon, managing director at Sigma Prime Ventures.

Per a release, angel investors of nToggle include “Mike Baker, DataXu CEO; Ric Cavillo, Nanigans CEO; John Hadl, investor and industry veteran; Eric Roza, DataLogix CEO; Howie Schwartz, former founder and CEO of Human Demand; Chris Scoggins, DataLogix SVP/GM; and Sourabh Niyogi, co–founder, CEO MdotM.”

Jumptap’s former CEO, George Bell, will serve as a member of nToggle’s board of directors, as will Hadl, a former Jumptap board member.

nToggle plans to launch in beta later this quarter.