Taboola, a Tel Aviv-based video discovery startup, has just launched its “ViDiscovery” product, which analyzes the context and content of videos, and the viewing and behavior patterns of users in order to recommend videos. It has also secured $4.5 million in a second round of funding. The company aims to make money by running targeted ads with relevant videos.

Viewers watching a Sarah Palin interview on CNN, for example, will see a gray pop-up tab that suggests similar videos and “People who watched this also watched” recommendations. Is it compelling? You betcha.

Taboola has also landed a deal with CNN to embed their recommendation tab in its video player, as NewTeeVee reported, joining the ranks of sites such as aniBoom, 5Min and Sclipo that do the same. Other companies working on video discovery engines include Vodpod and Mesmo, although they’re concentrating on services that are more directed towards consumers.

The investment was led by Evergreen Venture Partners (who backed the previous round) and American and Israeli angel investors. Launched in 2007, Taboola has raised $6 million to date.