Frontier Capital is expected to announce on Wednesday a $2 million investment in Accipiter, a rapidly growing provider of online advertising technology.

The venture funding is the first raised by Accipiter since management acquired the company from Engage in 2002.

As part of the deal, the Charlotte-based financial firm gains two seats on Accipiter’s board.

Accipiter said the funds would be used to add additional staff in a variety of positions.