SOURCE: InnoCentive

May 07, 2008 10:26 ET

InnoCentive Secures $6.5 Million in Series B Funding From Spencer Trask Ventures, Inc.

Latest Round of Funding Will Bring Total Investment in InnoCentive, the Leading Online Global Innovation Marketplace, to Over $15 Million

WALTHAM, MA--(Marketwire - May 7, 2008) - InnoCentive, Inc., the global innovation marketplace, today announced that it has closed $6.5 million in a Series B venture capital investment by Spencer Trask Ventures, Inc., a New York-based venture firm.

The latest round of funding will be used to drive InnoCentive's strategic goals for growth in 2008 and beyond, further building the company's plans to increase its solver base and offer additional support and opportunities for organizations seeking to have their challenges solved through InnoCentive.

News Highlights

-- In the last year, InnoCentive has increased the growth of its solver base to over 140,000 individuals.

-- In September, InnoCentive announced a major expansion beyond their traditional domains of Life Sciences and Chemistry to include Business & Entrepreneurship; Engineering & Design; Physical Sciences and Mathematics & Computer Science.

-- InnoCentive has recently announced several executive appointments to support continued growth including: CTO David Ritter, Vice President of Client Services, Lisa Reinhold and two strategic advisory board member appointments, Barry Libert and Irving Wladawsky-Berger.

-- To date, over $3 million in awards have been awarded to solvers.

Company Quotes

Dwayne Spradlin, CEO, InnoCentive Inc.

"Spencer Trask's continued investment in our company is an endorsement of the value our solution brings to companies and organizations looking for innovative ideas and solutions to their greatest challenges."

Stephen T. McGrath, CEO of the San Francisco, Calif.-based Technologies Group, Spencer Trask & Co.

"Over the last several years, InnoCentive has proven to be a market leader in open innovation and has grown substantially. We are thrilled to support this growth and the breakthrough technologies that come through InnoCentive and support companies and organizations of all sizes in the challenges they need solved."

About InnoCentive

Founded in 2001, InnoCentive built the first global web community for open innovation, enabling scientists, engineers, professionals and entrepreneurs to collaborate to deliver breakthrough solutions for innovative R&D-driven organizations. InnoCentive Seekers, who collectively spend billions of dollars on R&D, submit challenges to the InnoCentive Marketplace where more than 140,000 engineers, scientists, inventors, business people, and research organizations in more than 175 countries are invited to solve them. Solvers who deliver the most innovative solutions receive financial awards ranging up to US$1,000,000. InnoCentive's Seekers include commercial, government and non-profit organizations such as Eli Lilly and Company, Janssen, Solvay, GlobalGiving and The Rockefeller Foundation.

For more information on InnoCentive, go to: www.innocentive.com.

InnoCentive and InnoCentive Challenge are registered trademarks of InnoCentive, Inc. Other product or service names mentioned herein are the trademarks of their respective owners.

About Spencer Trask Ventures

Spencer Trask Ventures is a leading venture capital firm discovering ideas for the 21st century. With a network of co-investors and business leaders, Spencer Trask Ventures provides entrepreneurs with financial and intellectual capital to transform bright ideas into world-changing companies. Headquartered in New York City, Spencer Trask Ventures invests in early stage and emerging growth companies in the communications, information technology and life sciences fields. For more information please visit www.spencertrask.com

Contact Information

  • For More Information contact:
    Jessica Devaney or Carole Hutchinson
    Email Contact
    617-431-1020

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