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Back in November, Auditude signed a big deal with MTV Networks to monetize premium content uploaded to MySpace. It would appear that it’s working, as the company has just received a $10.5 million second round of funding to expand its reach.

Much like Google’s “Content ID” system, Auditude has technology that determines if a video is from a copyright holder’s library, and if so inserts an ad on top of it. Auditude now has partnerships to do this with MTV Networks, MySpace (Video and Music), and Warner Brothers Entertainment. Its video index spans over 1.3 billion minutes and hundreds of millions of videos, the company says.

The company has a pretty impressive team behind it. Chief executive Adam Cahan is a former executive at both MTV and Google. And alongside the new round of funding, Chris Moore, a partner with Redpoint Ventures, which led the round, is joining its board of directors. The board already includes Owen Van Natta, the chief executive of Playlist (and former chief operating officer of Facebook), David Moore, the chairman of the IAB, Rod Canion the founder of Compaq and James Slavet of Greylock Partners, which also participated in this round.

Aside from Google, Auditude faces competition from Anvato, which raised a $2 million round at the end of last year for monetizing videos.

The Palo Alto, Calif-based Auditude previously took a first round of funding led by Greylock Partners in 2007.

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