• by Mark Walsh  @markfwal, October 6, 2008

Video ad technology company BlackArrow has raised $20 million in a second-round venture financing from investors including Cisco Systems, Comcast Interactive Capital and Intel Capital.

BlackArrow--which offers an ad management system for broadband, video-on-demand, and DVR video platforms--has raised a total of $38 million to date.

Earlier this year, the San Mateo, Calif.-based company gained greater prominence by bringing on MartketWatch founder and former CBS Interactive head Larry Kramer as chairman. It also hired former Yahoo and Knight Ridder Digital executive Tracy Martin as chief financial officer.

To enhance its offering, BlackArrow in April also announced partnerships with content delivery company Highwinds, playback technology provider Move Networks, and thePlatform, a Comcast-owned video-publishing and distribution service.

The company says it has a half-dozen paying clients to date, but did not name any in connection with the financing. BlackArrow President and CEO Dean Denhart said the company's customers include both Web content providers and cable TV operators and telcos. Its technology is already integrated into video systems including those of Cisco's Scientific Atlanta unit.

BlackArrow may end up competing with companies such as Google and startup Comcast-backed Canoe Ventures, which also aim to provide targeted ad platforms for cable TV, satellite and other media formats.