Newport Media, a chip company based in Lake Forest, Calif., serving the mobile broadcast media market, said it has raised $30 million in a third round of financing round. This makes for a whopping $66M in funding in less than two years, and shows that building chip companies — even fabless ones, like NewPort — takes cash.

The funding is led by new investor DAG Ventures. Previous investors Benchmark Capital, Global Catalyst Partners, Oak Investment Partners, Pinnacle Ventures, and Venrock Associates all participated.

DAG, is should be noted, has invested aggressively in the Web 2.0/video areas. Just last month, it invested in video surveillance company, 3VR.

John Cadeddu, partner at DAG Ventures, said he’s been looking at the mobile TV market for some time.

From the company’s statement:

Newport Media is one of a handful of companies developing highly integrated,
system-on-a-chip (SoC) solutions designed to support all major mobile TV standards.
The company’s Sundance H solution enables wireless handsets and mobile digital TV
players with dramatically increased viewing time while simultaneously improving key
performance metrics like sensitivity, channel switching time and interference immunity.

Initially aimed at the industry’s fastest-growing market segment, Digital Video
Broadcasting-Handhelds (DVB-H), the Sundance Series family will also support other
popular air interface standards including Terrestrial-Digital Multimedia Broadcasting (TDMB), Integrated Services Digital Broadcasting-Terrestrial (ISDB-T) and MediaFLO.