Lithium Technologies Closes on $9 Million Round of Funding
Lithium Technologies Closes on $9 Million Round of Funding - Company adds two new members to board of directors
EMERYVILLE, Calif. - April 17, 2007 – Lithium Technologies, Inc., a leading provider of on-demand community solutions, today announced that it has closed $9 million in Series A financing co-led by Shasta Ventures and Emergence Capital Partners. The company also announced that Ravi Mohan, Managing Director of Shasta Ventures, and Gordon Ritter, General Partner with Emergence Capital Partners, have joined Lithium's board of directors. Lithium provides market-leading solutions for building successful enterprise communities on-demand, including proven forums, social networking and chat backed by community management expertise that enables clients to decrease customer care costs while improving the overall customer experience.
"Lithium is a rising star in the white-hot community and social-networking market, powering some of the most successful enterprise communities on the web for companies like Dell, Cingular, and Comcast," commented Ritter. "We see them filling a critical need as companies embrace the concept of community and look for ways to improve their customer experience."
"Lithium and its management team have made significant progress to date securing key clients and delivering their industry-leading on-demand community solution," added Mohan. "It is so rare to find a company that has bootstrapped its way to a multi-million dollar revenue stream with a Fortune 1000 client roster. It shows that the future of social software in the enterprise is a robust and growing market."
"This financing represents a solid endorsement of our company's progress following six profitable years of being self-funded," said Lyle Fong, CEO and co-founder of Lithium Technologies, Inc. "We are delighted to have found the right partners in Shasta and Emergence, which have proven to us to have the right relationships, relevant expertise, and capital strength that will help us accelerate our growth and take our company to the next level."
About Shasta Ventures
Shasta Ventures is an early-stage venture capital firm that serves as a value-added partner to both entrepreneurs and investors. The principals have over thirty years of venture experience and have invested in over 45 companies. The team possesses a rare combination of core technology expertise and deep experience in marketing to consumers. By combining these skills in an integrated, collaborative approach, Shasta helps entrepreneurs build companies that address the growing demand among consumers and enterprises for new technology products and services. The fund pursues investment opportunities within the infrastructure, software and technology-enabled service sectors. For more information, visit www.shastaventures.com.
About Emergence Capital Partners
Emergence Capital Partners is a leading, west coast, early and growth-stage venture capital firm focused on Technology-Enabled Services ("TES") investing. The firm's mission is to help build market leading TES businesses in partnership with great entrepreneurs and teams. Emergence partners have funded and helped build more than 30 TES companies such as Salesforce.com, DoubleClick, aQuantive, WebTV, AskJeeves, and SuccessFactors, among others - more than any other early-stage venture firm. Having assessed thousands of companies in the TES sector, Emergence has developed significant expertise and resources focused on the critical factors of success in the market. The firm's focus and team-based approach allow it to create unique value for service-based portfolio companies. For more information, please visit www.emcap.com.
About Lithium Technologies
Lithium Technologies provides market-leading solutions for building successful online communities. Lithium's on-demand platform, backed by community management expertise, enables clients to increase brand loyalty, sales, and customer satisfaction while decreasing customer care costs. Lithium's solutions have been implemented by many of the world's largest organizations, including Dell, Cingular, Sprint, Nintendo, Symantec, and others. Founded in 2001, Lithium is privately held with headquarters in Emeryville, Calif. For more information, visit www.lithium.com.
Lithium Media Contacts:
Michael Paige, Corporate Headquarters & Global, firstname.lastname@example.org , +1 (510) 318 7014
Sandra Teuber, Central & Southern Europe, email@example.com , +41 (79) 223 7356
Prelini Chiechi, UK & Northern Europe, firstname.lastname@example.org, +44 (7826) 912788
Imogen Riley, APAC & Australia, email@example.com, +61 413 274 210