In a Series C funding round, led by Steamboat Ventures, Incubic Venture Capital, and Monitor Ventures, the mobile game advertising network Greystripe has raised $5.5 million. In its earlier two funding rounds, the company had secured a total of $10.1 million.

The San Francisco, California-based Greystripe is a provider of in-game advertising solutions for mobile phone games. The “advergames” that Greystripe develops have game-like features so-designed that they charm users to click on them. The in-game ads can be inserted into mobile games without the help of game developers using their patented AdWRAP technology.

Availing the Greystripe in-game advertising solutions, advertisers can place ad images, video commercials and scrolling banners into the flow of standard mobile gameplay, with no significant disruptions being caused. 

Thus far, capitalizing on the robust growth in its mobile content distribution and monetization business – chiefly with the iPhone – Greystripe has managed to provide at least 180 million ad-supported game and app downloads.

Greystripe has its mobile gaming site, called Gamejump, to provide free ad-supported games for mobile phones. The company’s recent deal with Konami aims at bringing free, ad-supported editions of the in-rage games like Frogger and Dance Dance Revolution to its site. 

To boost mobile ad sales, Greystripe’s latest endeavor is to incorporate mobile-centric ad campaigns with industry-established online media buying software, to facilitate mobile and online purposes!