InnoCentive Secures $9 Million Series A Venture Capital Financing Round

Strategic Insights -

InnoCentive, a global scientific community that allows companies to collaborate with world-class scientists to achieve innovative solutions to complex challenges, has closed a $9 million Series A Preferred venture capital financing round led by Spencer Trask Ventures, Inc. The funding will support InnoCentive's aggressive growth plan in the coming year. The investment is a testament to the strength of InnoCentive's global scientific network and its unique business model.

Key Takeaways:

  • InnoCentive has secured $9 million in Series A venture capital financing from Spencer Trask Ventures, Lilly Ventures, and Omidyar Network.
  • The funding will be used to support InnoCentive's aggressive growth plan in the coming year.
  • The investment is a validation of InnoCentive's unique business model, which removes barriers of distance, specialization, and organization from the sciences, facilitating global collaboration that drives scientific discovery.
  • InnoCentive has developed a solid global brand with a virtual R&D network of over 85,000 scientists spanning more than 175 countries, which has helped companies reduce the escalating costs required to bring products to market.
  • The company's goal is to further advance scientific research and collaboration in worldwide markets.
  • InnoCentive has partnerships with companies including Boeing, Dow Chemical, Eli Lilly and Company, Procter & Gamble, and others, which collectively spend billions of dollars on R&D.
  • Scientists who deliver solutions to InnoCentive's challenges can receive financial awards ranging up to and over $100,000.
  • InnoCentive's online forum allows companies to post scientific problems confidentially, where scientists from around the world can solve them.
  • The company has a diverse portfolio of investments, including microfinance, bottom-up media, open source, and transparency in government.

Statistics:

  • $9 million series A venture capital financing round
  • Over 85,000 scientists spanning more than 175 countries in InnoCentive's virtual R&D network
  • 85,000+ scientists participating in InnoCentive's global scientific community
  • 175+ countries represented in InnoCentive's global scientific community
  • $100,000+ financial awards for scientists who deliver solutions to InnoCentive's challenges
  • 5+ years of operation for InnoCentive (founded in 2001)
  • $175 million under management by Lilly Ventures

Sources:

  • Spencer Trask Ventures, Inc. (www.spencertrask.com)
  • Omidyar Network (www.omidyar.net)
  • InnoCentive (www.innocentive.com)
  • Lilly Ventures (www.lillyventures.com)
  • Eli Lilly and Company (www.lilly.com)