Wellspring has raised USD5m in capital led by MK Capital, a USD250m venture capital firm focused on building companies in the software and digital media industries.
The capital will be used to strengthen Wellspring's product and technology position within the R&D and product innovation markets and for expansion in the corporate R&D, clinical, and academic research markets.
The Chicago-based Open Innovation software company was founded in 2003 as a spin-out of Carnegie Mellon University, initially providing technology transfer software solutions to universities and hospitals. Wellspring's Sophia software platform is used in universities across the world, in hospitals such as University Hospitals/Case Medical Center and Children's Hospital of Los Angeles, and by corporations such as Johnson & Johnson Consumer Products.
With the closing of the capital round, Wellspring has already secured contracts with Education Development Center, University of Illinois system, and the US Department of Veterans Affairs.
"Wellspring has the great fortune to work with companies and universities at the forefront of innovation. We are at an exciting time. We're transforming how R&D is done across the innovation value chain," says Dr Robert Lowe, chief executive officer. "We're excited to tap MK Capital's experience in enterprise software and phenomenal investment track record."
"Wellspring addresses the most pressing strategic issue confronting corporations today—the need to increase the efficiency, effectiveness and velocity of innovation activities," says Mark Koulogeorge, managing general partner of MK Capital. "Well run organisations will increasingly insist on having a software platform to manage innovation activities, just as they rely on sales or marketing automation software for those functional areas of the business. We are excited to be an investor in the leading company in this burgeoning sector."
