Google’s acquisition of display advertising startup Teracent yesterday had significant meaning for rival Tumri; the San Mateo-based advertising platform now counts tech giant Google as a competitor. Tumri, which launched in 2004, provides a similar advertising technology to Teracent. The startup’s product, the AdPod, creates display ads that are customized in realtime to the specific consumer and site.

Tumri’s dynamic ad platform is optimized at the creative level to enable advertisers to change the animation, background template, featured product, headline, image, and more dynamically based on who is viewing the ad and where the individual is viewing the ad from geographically.

Over the past five years, Tumri has picked up a roster of impressive clients including HP, Dell, Lenovo, Sears, K-Mart, Nike, Bank of America, Expedia and British Airways. While Tumri’s CEO Calvin Lui won’t reveal the startup’s revenue numbers, he says Tumri has seen triple digit revenue growth over the past few years.

Interestingly, Tumri has an ongoing partnership with Google which allows them to serve Tumri’s display ads within Google’s content network and via DoubleClick. Tumri also has partnerships with AOL, Microsoft, and Yahoo. Both Tumrui and Teracent partner with Yahoo to power its Smart Ads program for PC advertisers.

Lui told me that he doesn’t anticipate the partnership with Google ending but he did admit that with the acquisition of Teracent, Google has become somewhat of a “frenemy.” As I wrote yesterday, Google says that Teracent’s technology will now be offered to its display advertising clients who run campaigns in Google’s Content Network and to DoubleClick clients. Both Teracent and Tumri were reported as possible acquisition candidates as of a few weeks ago, but Lui declined to comment on any talks with Google about a buyout.

It’s unclear what the state of these partnerships will be when the dust settles post-acquisition but a Yahoo spokeswoman told me that they anticipate to continue its deal with Teracent. But it should be interesting to see if Google will be ok with parsing out its new advertising technology to competitors. Regardless, Lui and Tumri seem to seem optimistic about its prospects facing now rival Google. Says Lui, “This has been an a great opportunity to evangelize this part of the advertising market.”

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Rajaram served at Google from January 2003 to November 2007 and played a major role in developing AdSense in early 2003 and on. According to his bio:

He also helped drive a number of Google’s acquisitions, including DoubleClick, AdScape, and dMarc. Earlier in his career, Rajaram worked as a technical architect at Juno Online, where he developed the back-end advertising system that drove much of Juno’s revenues and helped it go public in 1999. Rajaram has an M.B.A. from MIT Sloan, a M.S. in Computer Science from UT Austin, and a BTech in Computer Science from IIT Kanpur where he received the President’s Gold Medal for being Class Valedictorian.

No doubt Tumri is excited to have him on board. Their current products include Adpod and Publisher, which let website owners pair relevant offers with their content. Rajaram’s experience at Google couldn’t be more relevant.

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Two more are coming this week. Tonight Silicon Valley-based Tumri is announcing a new product called Tumri Publisher, and Seattle’s Mpire will announce an advertising widget later this week.

Tumri Publisher, which is described here, allows users to create highly customizable widgets that promote specific products on their websites, in exchange for an affiliate or other fee. Tumri has twenty or so direct relationships with ecommerce sites like Overstock, Walmart, Shop.com and others to promote their products. Most advertising pay on a purchase, although at least one partner pays a on each click to their website.

Tumri splits revenue from the advertising 50/50 with advertising, and they say they’ll pay up to 70% of proceeds to larger publishers.

The widgets are javascript powered; the company says Flash versions are coming soon.

Tumri was founded in 2004 and has raised $6.5 million in a Series A round of financing from Shasta Ventures and Accel. They are currently closing a second round. They have 31 employees (16 in India, 15 in Silicon Valley).

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