New York - TargetSpot, a provider of ad serving technology and a marketplace for advertisers and Internet broadcasters, announced on Tuesday that it has received investments from Union Square Ventures, CBS Radio and Oddcast, and named co-founder Doug Perlson as its CEO.

Financial details of the investments were not disclosed.

New York-based TargetSpot enables businesses and individuals to create customized audio, video, banner and text ads, using a provided library of sound effects and visuals, and then insert them in streaming media targeted to a specific demographic, location and property.

Advertising revenue is shared between TargetSpot and the participating broadcaster.

Along with its investment, CBS Radio said it will use TargetSpot on its more than 100 music, talk, sports and news radio stations broadcasting live online.

TargetSpot plans to offer a version of its technology for streaming video advertising later this year.

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