Google (NASDAQ: GOOGL) has announced that its ad network, AdSense, has raised another $2.4 billion, bringing its total funding to $30.4 million in Q1 2018.
AdSense is the first ad network to hit $30 million in a single quarter, beating the previous record of $30,000 set by Microsoft’s Bing in 2014.
The new funding round comes after AdSense has been making some aggressive investments in other areas, including artificial intelligence and content, according to the company.
“We are building a world-class platform for online advertising,” said AdSense chief operating officer and co-founder Tom Prentice.
“It is our hope that AdSense will be the next Google or Yahoo.
The platform has incredible potential for growing revenue, and we believe that we can accelerate the growth of this platform.”
The news comes as Google continues to take a hit from the recent FBI probe into the company’s ad network.
Google has said it has received more than 1,000 requests from US authorities about its ads network, and the company has been unable to address them.
Earlier this month, Google agreed to pay a $10.4-million settlement with the Federal Trade Commission (FTC) after the agency sued it over alleged deceptive business practices.
Google’s revenue has fallen significantly in the past few quarters, as ad revenue and traffic have fallen for the past several quarters.