FreeWheel, an online video-advertising platform, has raised $12 million in a third round of funding led by Foundation Capital—and existing investor—Battery Ventures. FreeWheel says its technology “monitors and clarifies revenue-share arrangements… across the potentially huge numbers of videos, partnerships and agreements that content owners and distributors may have in place.” The platform has been widely adopted since its debut last year. Initial clients included Joost, Next New Networks and the Hachette Filipacchi-owned, car buyer-focused ad network Jumpstart Automotive Media. A spokesman adds that traditional content companies, including CBS (NYSE: CBS) and Warner Brothers have also signed on. Founded by three former DoubleClick executives, FreeWheel now has 70 employees.

• Former DoubleClick Exec Launches FreeWheel: Goals Include Solving Writers’ Strike, Copyright Suits