January 5, 2012, 11:01 AM

Social marketing vendor Lithium Technologies raises $53.4 million

The company will use the funds to hire sales, marketing and engineering workers.

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Social marketing vendor Lithium Technologies today announced it has raised $53.4 million. The company plans to use the funds to bolster what it calls “social customer experience solutions” that include tools such as the Scout Labs listening platform. Such technology combs social media and the web for mentions of brands and products.

Lithium says it plans to expand its sales and marketing teams in new and emerging markets, while also hiring engineers to develop new products. "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,” says Rob Tarkoff, Lithium president and CEO.

The Series D financing round was led by new investors New Enterprise Associates and SAP Ventures. Funding also came from previous investors such as Benchmark Capital and Shasta Ventures.

Among Lithium’s customers are Best Buy, Barnes & Noble and The Home Depot. Best Buy is No. 11 in the Internet Retailer Top 500 Guide, Barnes & Noble is No. 41 and Home Depot is No. 43.

William  Lynch, Barnes & Noble CEO, will deliver the keynote address at the 2012 Internet Retailer Conference & Exhibition in Chicago on June 6 from 8:45 a.m. to 9:15 a.m. in a session titled “How the web has become the engine that drives retailing."

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