New York - Peer39, a developer of online advertising marketplace technology, has raised $3 million in its first round of financing, led by Dawntreader Ventures, VentureBeat reported.

New York-based Peer39's team of "natural language and machine learning experts" is working on new online ad technology the company says will dramatically increase the effectiveness of the medium.

Former Shopping.com CEO Dan Ciporin was a seed investor in Peer39, and also sits on the company's advisory board.

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