Thursday, May 8, 2008

InnoCentive, Inc., the global innovation marketplace has closed $6.5 million in a Series B

What Company Is Offering:
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.

How Much They Got From VCs:

InnoCentive, Inc., the global innovation marketplace, 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.

About VCs:
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


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