Reston, Va. - LucidMedia, the developer of an online contextual display ad platform and network, said on Thursday that it has raised $8.8 million in its third round of funding, with a portion of the proceeds going toward the opening of a new sales office in New York City.

Participants included Lake Street Capital, RLI Partners, Melton Investments, Silicon Valley investor Milan Mandaric and Redleaf Group.

Founded in 1999, Virginia-based LucidMedia is the developer of ClickSense, a contextual advertising and targeting technology designed to categorize traffic from several networks and exchanges, allowing advertisers to more effectively target online ad inventory.

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