New York - Lotame Solutions, a provider of behavioral targeted advertising for social media services, announced on Monday that it has raised a "multi-million" first round of financing, led by Battery Ventures.

Existing investors Hillcrest Management and Betaworks also participated.

New York-based Lotame was founded by ad executives from Advertising.com and Yahoo.

The company says it aggregates data gleaned about users across multiple social networking sites, allowing advertisers to better target ads and publishers to more effectively monetize their sites.

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http://www.lotame.com