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FreeWheel, a startup that focuses on online video advertisements, announced today that it has raised $16.8 million in strategic institutional funding.

The company’s Monetization Rights Management product lets content owners and distributors manage, distribute, forecast, and analyze ads across a variety of video platforms. Given the increasingly fractured online video market — which will only be further fractured by TV Everywhere initiatives like Comcast and Time Warner’s, not to mention the rise of video on mobile platforms — FreeWheel’s product allows for some much-needed control over ads. The company also offers consulting via its Business Services Group.

The San Mateo, Calif.-based company was founded by former DoubleClick executives in 2007, so the company is no stranger to the online ad world. It plans to use the funding to scale its infrastructure to better support clients, expand internationally, and develop new products. Its clients include Vevo, MLB.com, and Discovery Communications.

Steamboat Ventures, a Disney-affiliated venture capital firm, joined existing FreeWheel investors Turner Broadcasting System, Battery Ventures, and Foundation capital in the round. The company previously raised $12 million in third-round funding a year ago.

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