Double Fusion raises new round, switches CEOs

In-game advertising network replaces Jonathan Epstein with Alex Sood

Double Fusion, an in-game advertising company, has just raised a new round of funding led by long-time investor Jerusalem Venture Partners and hired a new CEO, according to the latest reports.

Jonathan Epstein has stepped down to be replaced by new CEO Alex Sood. Epstein, who founded GameSpot before moving on to Double Fusion, has left the company to  "pursue passions outside of gaming." Sood joined the company in 2006 and most recently oversaw its operations in Asia, specifically in Japan.

As for the funding, the amount currently remains undisclosed.

Founded in 2004, Double Fusion helps marketers and their advertising agencies access gamer demographics by providing game-based and Web-based solutions that are sure to reach those users.

Though analysts have said that in-game advertising could be a billion dollar business by 2014, neither Double Fusion or any of its competitors seem to be attaining such great heights. Back in 2006, when expectations were even bigger than that, both Microsoft and Google jumped into the sector by acquiring Massive and Adscape, respectively.

Nevertheless, the San Francisco-based Double Fusion may soon show signs of growth with the recent changes in its executive team and with some new funding.

Double Fusion has raised at least $36 million to date from a long list of investors: Norwest Venture Partners, Accel Partners, Time Warner Investments, IDG Ventures Pacific, Sedona Capital, Hearst Interactive Media, and Jerusalem Venture Partners, which originally incubated the company.