After a round of investor fund-raising led by OVP Venture Partners, DataSphere has raked in an extra $10M to increase their stake in their hyper-local technology. Already a leader in hyper-local web technology and sales solutions for media companies, they are looking to make themselves a name by expanding the number of neighborhoods they serve.

From the company’s released; statement,

Over the last 12 months, DataSphere has experienced dramatic growth, striking agreements with media companies to provide neighborhood level news to 40% of the US population, reaching over 12 million unique visitors across its advertising network in August, and adding over 150 new employees. A further 150 new hires are expected by the end of the year.

“We’ve experienced a tremendous demand for our services and this additional funding will ensure we’re able to accelerate our growth rate to meet the requirements of our rapidly expanding client base,” said Satbir Khanuja, CEO of DataSphere. “Having launched over 300 neighborhood websites over the last 60 days, we’re on track to provide neighborhood news to more than 1,200 communities by the end of the year.”

Right now, DataSphere covers almost 40% of the US population—also according to the press release—and look to bite off even more. As with all hyper-local ventures, they will be jumping into the market with social networking ventures like Facebook Places and Foursquare in seeking to monetize consumer interactions between web and businesses at the local sphere.

There is still a lot of untapped market and revenue and advertising will have an extremely easy time at the hyper-local level. Especially because targeting the audience will be a great deal easier knowing what brick-and-mortar stores are already available to consumers and that those stores will want to reach out to possible visitors already near them.

As real-time communication and heavy adoption of web-based communications returns the focus back to niche communities, the hyper-local segment is reaching various industries, including print media. The New York Times has been on a string of hyper-local launches, with the next set for this month. LivingSocial‘s expansion of its Deals tool takes hyper-local marketing to New York City and Washington D.C. Tim O’Shaughnessy, CEO and co-founder of LivingSocial, has this to say about the recent consumer and business uptake:

“Consumers are finally realizing the value of hyper-local services and are rapidly adopting online tools and mobile apps to integrate them into their daily life. LivingSocial’s business revolves around offering unique, highly attractive deals to consumers. It was a natural move for us to introduce metro area and neighborhood-specific deals, making them that much more relevant to users.”