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Millennial Media scores new round of funding

Today, Baltimore's Millennial Media, which started up in 2006, announced it raised $16 million in new financing from some venture capital firms, including New Enterprise Associates. (Check out my story here.)

Last week's news that Google was buying mobile advertiser AdMob for $750 million probably didn't cause venture capitalists to throw money at Millennial (such deals usually take more than a week to put together), but it also probably didn't hurt the growing little firm.

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The conventional wisdom now is that Google's purchase of AdMob "validates" the nascent mobile advertising industry. When a big company like Google drops a ton of dough on a small company in a still-emerging market, you know that will attract many more serious investors and players to the industry.

According to eMarketer stats via the Interactive Advertising Bureau, here's what the mobile ad market looks like:

I'm gonna bet that the Google-AdMob acquisition, though the first big one in the mobile ad space, won't be the last. My guess is we may be a few months, perhaps even weeks, away from similar acquisitions of smaller mobile ad firms by big Google-esque-like competitors. What do you think?

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