Lithium Powers Up with $53.4m Funding

US-based social networking solutions firm Lithium Technologies has completed a $53.4m Series D round of financing, which it will use to increase its sales and marketing team across new and existing geographies, and to invest in engineering and new product development.

Lithium provides 'Social Customer Relationship Management' (Social CRM) solutions, to enable companies to create and manage their own social customer networks, and focus on conversations across the social web.

In 2009, the firm launched Lithium Insights, a set of analytics to measure and benchmark the 'health' of online communities, and the following year, it acquired social media monitoring company Scout Labs for between $20m and $25m.

Its latest funding has been led by new investors New Enterprise Associates (NEA) and SAP Ventures, as well as existing investors and several key industry advisors. As part of the deal, NEA Partner Pete Sonsini will join Lithium's Board.

Lithium President and CEO Rob Tarkoff comments: 'This successful funding round will help us extend our leadership in the Social Customer Experience market, giving us both the operational flexibility and financial strength to double our company in 2012. It's clear that brands will continue to go social in an even bigger way in 2012 and beyond, and it's equally clear that Lithium is incredibly well positioned to drive this transformation.'

Web site: www.lithium.com .