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Chango, a Toronto-based company offerings tools for display advertisers to target their ads based on search engine data, today announced that it has raised $1.4 million in a first round of funding.

An ad retargeting startup called Magnetic announced $4 million in funding earlier this month. The promise of these tools is to take the targeted approach that has made search advertising so successful and bring it into the media-rich world of display ads.

Where Chango says it stands out is in its ability to use existing search advertising tools to run display campaigns: “After a simple import of existing AdWords and Yahoo Search Marketing campaigns, search marketers can start finding new customers among the billions of daily impressions that flow through real-time display exchanges with completely integrated keyword targeting, CPC bidding, dynamic ad-serving, and CPA conversion tracking.”

The funding comes from Metamorphic Ventures, iNovia Capital, Extreme Venture Partners, and angel investor Geoff Judge. As befits an advertising company, Chango said it has just opened an office in New York.

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