Veveo, a mobile video search firm based out of Andover, MA, has received $14 million in its second round of funding, and getting ready to launch it service after couple of years of hatching the service. The round was led by Norwest Venture Partners, Matrix and North Bridge Venture Partners…the three also invested in the first round of $14 million. This makes it a total of $28 million for a company which hasn’t yet launched its service.

CEO Murali Aravamudan gave me a demo of the service, branded vTap, earlier this week…the service aims to bring all the web video to users on the mobile, using a dedicated application on the phone. It is an impressive service at first glance, with on-the-fly transcoding of web videos for mobile play, and intuitive search shortcuts, using predictive technology. Some of the video searches Aravamudan showed me were spookingly accurate. A description of how it works, here.

The company is a white-label solution, and doesn’t plan to be a destination…The service launches Sept 10 on Windows Mobile devices (presumably an operator tie-up), and will also have an iPhone-only app as well. It also plans to release some online widget-based apps down the line as well. Aravamudan said it has also tied up with a cable TV operator to offer the search on TV, though he declined to name the company yet.

The challenge: the long term-viability of a standalone video search app. And then, when networks become much faster, who needs all these shortcuts?