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Monetate, a provider of website testing and ad targeting services, announced today that it has raised $5.1 million in its first round of funding.

Targeted advertising seems to be the hot trend now. It can become a bit of a logistical nightmare to figure out which ads are “good” and which ones aren’t when the attention span of web surfers is so short.

Monetate lets companies field test their ads and figure out which ones work best. The web-based service lets its users add a line of java to their site that transmits data on clicks and advertising effectiveness to the Monetate platform. The service catalogs all that information and then tells its users which ads work best and which ones need improvement. The business-facing part of the service is an analytics suite and dashboard that lets marketers launch targeted advertising campaigns quickly.

The Philadelphia, Penn.-based company was founded in 2008 and has around 30 employees. It became cash-flow positive in 2009 and provides its services to retail websites like Urban Outfitters and The Sports Authority. It raised money through an earlier seed funding round, but wouldn’t disclose how much. The most recent round of funding was led by First Round Capital and Floodgate Fund.

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