Burstly Snags $1.8M For Mobile Ad Tools

Los Angeles-based Burstly announced Tuesday afternoon that the firm has raised $1.8M in a venture funding. The funding round came from GRP Partners and Rincon Ventures. Mark Suster at GRP lead the firm's investment, with Jim Andelman heading up Rincon's involvement. Burstly is developing mobile advertising tools for the Apple iPhone and Google Android platforms, which allows application developers to manage and optimize their advertising inventory. As part of the investment, Burstly said that it is opening up access to its advertising tools and exiting beta for its product. Burstly was formerly known as AppAds, and is headed by Evan Rifkin, former founder of TagWorld/Flux, which was acquired by MTVN/Viacom in September of 2008.