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Hot on the heels of Microsoft's purchase of Aquantive and Google's acquisition of DoubleClick, comes the news that OpenAds is to receive US$5 million in VC funding.

It seems adserving technology is still an attractive opportunity for VC investors. According to a number of sources, including Techcrunch, a consortium of venture capitalists led by Index Ventures has backed an open source ad-serving project called OpenAds.

The OpenAds project has been around a while - it was formerly called PHPAdsNew - and is an open-souce, PHP-based ad-serving platform used by over 25,000 publishers on over 100,000 sites Techcrunch says. OpenAds is also used by a number of AdNetworks including the "Federated Media" network run by ex-Industry Standard head, John Battelle.