Just a year and a half after its founding, Santa Barbara-based RingRevenue has raised $3.5 million in venture capital, signed up the biggest customer in its target market and is hiring fast.

RingRevenue has developed a technology to let advertisers track phone calls the same way they currently track clicks. At the core of the eight-person company is the team that built up CallWave, a voice-over-Internet-protocol services firm that hosted a $40 million initial public offering in 2004.

RingRevenue has taken the telephony expertise it gained in acquiring and managing millions of phone numbers at CallWave and applied it to a problem faced by the affiliate marketing industry, a sector whose largest player – Commission Junction – calls Santa Barbara home.

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