Intel Capital has ploughed $5m (£2.6m) into IGA, following a $12m (£6.3m) investment from Easton Capital, Morgenthaler Ventures and DN Capital.
In April, Microsoft bought IGA Worldwide competitor Massive in a reported $400m (£211m) deal.
IGA Worldwide creates virtual outdoor, TV, press and radio advertising, which it places within the game
As video games are now often played with an online connection, campaigns can run concurrently with real-world advertising.
Justin Townsend, chief executive of IGA Worldwide, said that Intel Capital was a "strategic investor" which could help the company in its goal to become part of the "media hub for the living room of the future".
The company will have access to Codemasters games including Brian Lara International Cricket 2007 and the next generation of the off-road racing franchise, Colin McRae Rally.
Rod Cousens, chief executive of Codemasters, said: "Advertising in games generates additional revenue that publishers can offset against product development costs."
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