Spigit, builder of internal social networks for large companies, is looking to raise $4 million in new capital even though it has been turning a profit for the last eight months, according to VentureWire. Based in Pleasanton, Calif., the company has set up networks for more than 100 companies, including Pfizer and Southwest Airlines.
Spigit’s finished products look less like Facebook than webs of wikis, message boards and the like that employees can use to communicate, brainstorm and preserve institutional knowledge. Uniquely, it bakes in an algorithm that helps employees find the best person or resource within a company to answer their questions.
Spigit has already raised more than $4 million — $1 million from family and friends in 2006 and $4 million from Pico Holdings (representing a 50 percent stake for the firm). Pico subsequently provided another undisclosed amount.