Technorati, which has raised around $10 million in new funding to save it out of oblivion, is now launching an online ad network for blogs, amidst heavy competition in the sector. The Technorati Media network has signed on some blogs as its core, more focused on technology sector: blogtalkradio, Blogcritics, blogcatalog, BlogTV, GeekAlerts, GPSMagazine, NerdApproved and Technabob. According to CEO Richard Jalichandra on the company blog, “We’ve organized the company into two operating groups – the network and Technorati.com. Blog search is still and will always be the foundation of everything we do.” Then, hopefully, the main search engine would be fixed over the summer, the company says: “In our biggest internal initiative, we’re in the midst of a summer-long project to completely rewrite our crawler and search engine” Will this save the pioneer? Lets hope. If you thought everyone had a love-hate relationship these days with Twitter, well, Technorati was one of the original ones you teared your hairs out for…

TC: Ads are sold on a CPM basis. They will not make revenue guarantees, says Jalichandra, but the split between parties is negotiable.

• More Cash For Technorati: Blog Searcher Gets $7.5 Million Of $10 Million Fourth Round