Taking advantage of the increasing importance of social media management for businesses, Spredfast, a finalist at this year's Microsoft BizSpark Accelerator at SXSW, has received $1.6 million in funding from Austin Ventures. Featured here on ReadWriteWeb in January, Spredfast is the first enterprise-class social media management system.

Spredfast supports companies at both the enterprise and SMB levels, allowing businesses to manage their social media campaigns through a single dashboard. Spredfast incorporates data from multiple platforms, including Facebook, Twitter, LinkedIn, YouTube, Flickr and most blogging platforms (such as Wordpress, Blogger and MoveableType). As the information from these platforms is in one location, and as the service integrates both Omniture and Google Analytics, Spredfast facilitates social media automation and then ties social media analytics with Web analytics to secure "click to conversion" metrics.

The pricing for the services range from free to $100 per initiative per month. Since its public launch in January, Spredfast has attracted Oracle, AOL, HP and IBM to its customer base.

"We've been working to establish Spredfast as the 'Omniture for social media', a valuable tool for anyone trying to effectively manage and measure a social media initiative," said Kenneth Cho, Spredfast's CEO. "Our relationship with Austin Ventures, specifically with AV partner Mike Dodd previously of Omniture, is great validation of the huge gap Spredfast is filling in the social media market and the reception so many customers are having toward the product."