Gurbaksh Chahal led BlueLithium raises $11.5 M
By agencies   |   Tuesday, 01 March 2005, 20:30 IST
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SAN JOSE, CA: Gurbaksh Chahal led BlueLithium, Inc.,has raised $11.5 million in Series A round financing. The funds will be used to expand advertising sales operations and to use BlueLithium’s optimization technology. Founded in 2004, BlueLithium made profits in just first year of its operations and operates at a multi-million dollar run rate and its network includes over 1,000 sites and has several billion hits per month. In December 2004, it reached over 100 million unique users worldwide. BlueLithium has left other companies far behind because of its targeting and optimization technology, which provides real-time optimization and tuning of advertising campaigns and delivers comprehensive intelligence about conversion, response, and targeting. One of the major investor, Rich LeFurgy, decided to invest in BlueLithium because of CEO Gurbaksh Chahal’s history of leadership and execution. LeFurgy said, "Gurbaksh is a proven leader. He is proving himself again at BlueLithium. Through the development and acquisition of industry-leading technology, he has assembled a blue chip list of advertisers and publishers while holding the line against ruinous industry practices such as pop-ups, pop-unders, and spyware. As interactive media continues to take dollars from traditional advertising budgets, BlueLithium is poised for even more rapid growth." "With many financing opportunities on the table, we chose to take the funding that best aligned with our overall business objectives, from financiers who share the vision of creating industry leaders," said Gurbaksh Chahal, founder and CEO of BlueLithium. "We wanted investors who added value beyond their dollars. WaldenVC and 3i recognize the value of our network and unique optimization technology and they will open doors to the worlds’ leading brands. With a world-class team, leading advertisers and a robust network, BlueLithium is poised to become the industry bellwether in performance based advertising.”