Santa Monica-based artificial intelligence and advertising firm GumGum Inc. raised a $22 million Series D funding round from existing investors Morgan Stanley Capital Partners, Upfront Ventures and NewView Capital.

The funds will be used to acquire subsidiaries and other artificial intelligence-based businesses, Chief Executive Phil Schraeder told TechCrunch.

Shcrader also appointed a new GumGum board member, former Live Nation Concerts Chief Marketing Officer Lisa Licht.

“As I see it, this is the ideal time to get behind GumGum,” Licht said in a statement.

“They have outpaced the market in terms of growth year after year, maintained profitability and now there’s an obvious inflection point at hand for contextual advertising in digital,” she added.

GumGum’s core software product uses computer vision technology to scan images and videos, and identify a related ad to place alongside the content. The software originally launched with a focus on sports programming but is being adapted to work with other types of video.

One of the company’s biggest customers is telecommunications provider Sprint Corp., which began testing a beta of the in-video advertising tech in December.

GumGum was founded in 2008 and has raised $59 million including this round, according to funding tracker PitchBook Data Inc. It reported $155 million in 2019 annual revenue. The privately held company would not disclose its net income but does report that it is profitable.

Tech reporter Samson Amore can be reached at [email protected] or (323) 556-8335. Follow him on Twitter @samsonamore.