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PixelFish, an LA-based web video advertising startup, has announced that it has bought the assets of Eyespot, an online video editing service that closed doors earlier this fall. The terms of the deal were not disclosed. Eyespot raised $3.7 million from Gabriel Venture Partners, Express Ventures and executives from MP3.com and DivX, but failed to gain much traction in the heavily contested web video space.

PixelFish, which provides video ads for Google, Yellowbook and other search and directory ad networks, will be using Eyespot’s video production tools and video transcoding tech into its video ad creation and optimization tools to offer a more robust solution to clients.