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Terra Lycos to use rich-media ad platform created by Israeli startup CheckM8

Company in midst of $4m private placement, says co-founder Moshe Vaknin

Dynamic web solutions startup CheckM8 signed a strategic agreement yesterday with Spain-based giant Terra Lycos (Nasdaq:LCOS), the Internet arm of Spanish phone company Telefonica (NYSE:TEF).

Herzliya-based CheckM8, which also maintains offices in Franklin Lakes, New Jersey, will be supplying Terra Lycos with technology to create focused online advertising. The deal is estimated at about half a million dollars.

Terra Lycos will be the first Internet company in the world to use the startup's rich-media ads distribution platform. The Spanish company hopes the platform will increase its revenue from advertising.

CEO and co-founder Moshe Vaknin says the company is in advanced stages of a $4 million private placement, according to a company value higher than at its last round. In August 2000, the startup raised $1 million from Media UAF and ISF at a company value of $9 million.

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Vaknin and Dana Ghavami established CheckM8 in April 2000.