Adconion, which operates an Internet advertising network and related businesses, said earlier this week that it has raised £21 ($34M) in financing from Silicon Valley Bank. Adconion has major operations in Los Angeles. The firm said the funding will go towards acquisition and working capital requirements at the company. Adconion is backed by Wellington Partners and Index Ventures. The financing came through Silicon Valley Bank's London office, as Adconion's worldwide headquarters are in London. Adconion's Joost video advertising division is also located in Santa Monica.