Medialets raises $4 million

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manyadnetworks_small.jpgADOTAS — The mobile ad network has secured funding from the Foundry Group and DFJ Gotham with participation from Bobby Yazdani, an early investor in Google and Salesforce.com.

Medialets helps companies keep track of their audience and monetize applications built for the iPhone and Android, with other smartphones coming. The money will be used to build-out the platform further and “win market share.”

The company charges for ad serving and targeting technologies, analytics are free. According to MediaMemo, Medialets CEO Eric Litman figures that the market for mobile display ads tops out at perhaps $300 million and that ads for iPhone and Android apps can’t be more than $100 million. Litman believes the majority of future apps, and the apps downloaded, will be free and advertising-supported.

Below is a Medialets-produced ad for Dockers. You apparently shake your cell to make the character dance.

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