Drayton, the former managing director of Advertising.com and the Telegraph Media Group, left Phorm after two years as CEO.
InSkin allows publishers to wrap interactive ads around video players, which users can pause the video and click on the wrap-around to view an interactive ad that rolls up and overlays the player.
InSkin currently has commercial partnerships with Telegraph Media Group, Tiscali and Dennis Publishing, and has also signed an agreement with Utarget to partner its sales team in reaching brand advertisers.
According to Drayton: "InSkin is an irresistible opportunity for me. It combines the explosion in online video consumption, the ability to drive significant new revenues for publishers, and a dynamic new, tailored opportunity for creative agencies and advertising clients.
"I look forward to building the business with the talented team already here."
InSkin can incorporate text, images, video and dynamic content allowing advertisers to offer consumers more engaging content while enhancing the revenue generating potential for publishers.
The platform was designed by 29-year old Patrick Knight, InSkin's founder who previously established mobile phone ringtones firm Ultrafones. He also founded The Tone Group, an Australian mobile content provider, which he sold to Mobile Messenger.
Knight said: "Hugo has great media experience as former managing director of The Telegraph Group, European MD of Advertising.com and as CEO of Phorm.
"It's that experience and his knowledge of digital markets that will be key to InSkin fully exploiting its assets and the available opportunities."
InSkin Media is backed by private equity investment, including SRPE (Sloane Robinson Private Equity).