UberMedia has raised $17.5 million in a round of funding led by Accel Partners with participation from Index Ventures and Revolution Ventures. This puts UberMedia’s valuation at about $40 million. Index Ventures. Over the weekend, Ubermedia also acquired TweetDeck for $30 million in cash and equity. UberMedia head Bill Gross and TweetDeck founder Iain Dodsworth are focused on building businesses within the Twitter ecosystem. Jim Breyer of Accel will be joining the UberMedia board of directors. Below is the funding press release:

UberMedia is a Pasadena, California based company that is known for running UberTwitter, Twidroyd, Echofon, and PostUp Marketplace. The company recently acquired Mixx.com, a social bookmarking website that competes with Digg.com. Ubermedia used to be known as PostUp and the company is led by Bill Gross.

TweetUp, a service that focuses on advertising and searching Twitter, has made two acquisitions. TweetUp bought Twitter Android client Twidroid. TweetUp acquired news aggregator service popurls.

Incubator company idealab is launching a new startup company called Tweetup. The man behind Tweetup is Bill Gross. Gross is the original founder of GoTo.com. GoTo.com was renamed to Overture, a company that Yahoo! purchased. Yahoo! was able to leverage Overture patents by suing Google and settling for a settlement of 2.7 million shares.

Tweetup is a Twitter search engine that has an advertising platform. When you search for tweets using Tweetup, the search engine will use an algorithm to place important tweets at the top and contextual ads on the side.

If you integrate Tweetup into your own website, you can share 50-50 revenue with idealab. Tweetup already has an established partnership with Answers.com.

Investors have put in about $3.5 million into this idea. The investors include Index Ventures, SV Angel, First Round Capital, Betaworks, Jason Calacanis, Steve Case, and Jeff Jarvis. Danny Rimer of Index Ventures has a board seat at Tweetup. [TechCrunch]