PEHub, a public forum for private equity, reports that PodBridge has raised around $8.5 million in its second round of venture capital financing.

Podbridge offers measurement and ad services for advertisers and publishers; provides advertisers with significant control over the insertion of ads within specific content; and enables targeting to specific demographics.

Sutter Hill Ventures was joined by return backers Mayfield and Worldview Technology Partners. Greg Sands of SHV will join the PodBridge board of directors.

There’s been a lot of skeptical reaction to the deal in the blogosphere. “By most accounts podcast advertising has been very disappointing.” says Alarmclock. Mashable wonders why “People are still throwing money at podcasting.”

“Podcasting seems like one of those trends that was overhyped, over-funded, and didn‚Äôt prove as popular with consumers as many first thought,” says Mashable’s Pete Cashmore. “I‚Äôm not going to say that Podbridge is overcooked, but come on: $8.5 million? What would they need to deliver to live up to that?”

Could it be results? Podbridge has scored deals with an impressive list of corporate partners, including Forbes, Fox news, Bloomberg and MSNBC.