Updated: March 25: Greycroft Partners has added an undisclosed amount of funding in the company. It also says it has bought ads on about1,000 TV stations and cable stations in the last 30 days. More on the new funding here.

Original story: Jan 22, 2009: Video advertising firm Extreme Reach has picked up $1.5 million in a first round of funding. Village Ventures and Long River Ventures led the round; the Needham, Mass.-based startup will use the funds for sales, marketing and product development.

Launched in early 2008, Extreme Reach faces steep competition from established video ad networks like Adap.tv and Tremor Media, but claims its software streamlines the process of serving, tracking and managing ads across TV, Web and mobile networks. CEO and Co-founder John Roland told MHT that the plan is to help agencies “get their commercials from point A to point B,”—an issue that has kept advertisers from spending more money on video ads, and one that media agencies like SMG are trying to tackle. Release.