Santa Monica-based digital video advertising firm VideoAmp Inc. closed a $70 million Series D round May 1, bringing its total funding to $106.6 million since its 2014 founding.

The funding was led by New York-based Raine Group, which contributed $50 million to the round. Chicago-based Akona Capital participated in the round with the remaining $20 million.

VideoAmp Chief Strategy Officer Jay Prasad said in an email the funding will be used for marketing as well as the hiring of data scientists, engineers and client service personnel. Prasad added some of the funds will be used for “strategic deals including mergers and acquisitions,” though he declined to disclose specifics.

VideoAmp’s software is designed to optimize cross-platform advertising, such as TV and mobile. Clients can see how their ads performed against in-market sales prospects and VideoAmp will recommend and automate strategies to maximize marketing return on investment, a spokesman said.

As part of the funding round, former Tribune Media Co. Chief Executive Peter Liguori will join VideoAmp’s board of directors as senior advisor. Raine Group Managing Director Erik Hodge will also join the board.

“The current media environment has created an ever-increasing appetite among marketers and media owners for innovative video data & measurement solutions,” Hodge said.

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