InnoCentive Raises $6.5 Million in Second Round - Waltham, MA

InnoCentive, a Waltham-based company that has developed an online market for R&D, announced on Tuesday that it has closed $6.5 million in its second round of financing from Spencer Trask Ventures, a New York-based venture firm. InnoCentive has built an online community aimed at scientists, engineers, professionals and entrepreneurs who collaborate to provide research and development -- and solve technical issues -- for companies and organizations. Using InnoCentive, companies can submit challenges to its users, who are invited to solve the issue. If an adequate solution is provided, then the developers of the R&D are paid a financial reward. Companies and organizations using the system include Eli Lilly and Company, GlobalGiving and The Rockefeller Foundation.

http://www.innocentive.com/crowd-sourcing-news/2008/05/07/innocentive-secures-65-million-in-series-b-funding-from-spencer-trask-ventures-inc/