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Technorati's Dave Sifry, usually the most sociable of tech executives, has been notably absent at recent Silicon Valley parties. And then came the news, last week, that the blog search engine had raised new funding — of just $1m.

Now it's conceivable Technorati generously consented to bring in its Japanese marketing partner, DG Incubation, as a shareholder. And Sifry, who is also involved in a search for his own replacement, may have put the public relations aside to focus on real management.

There is a gloomier possibility: that Technorati, which has struggled to sell advertising around blog search results, is running low on cash. I can't believe Sifry's venture, which is backed by DFJ and Mobius, could have already burned through the $10.5m it raised from last June. But, if it doesn't need the money, then what is it doing raising such a paltry amount, presumably on last year's terms? Any speculation, in the comments, please.