NineSigma raises $4M for innovation market
NineSigma, a startup that helps corporations solve problems by connecting them to a network of innovators, has raised a $4 million round of funding. The Cleveland startup says it will use the money to enhance existing services and to grow internationally.
The “open innovation” marketplace seems to be heating up — among other news, it’s part of a new research initiative at HP Labs. NineSigma says it has the largest network of this kind, and helps customers like GlaxoSmithKline, DuPont and Xerox increase speed to market and lower product development costs. The startup’s chief executive, Paul Stiros, was previously a director of research and development at Proctor & Gamble, another NineSigma client.
The funding was led the Blue Chip Venture Company (a previous investor), and also included new investor River Cities Capital Funds.
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About the Author, Anthony Ha
Anthony is VentureBeat's assistant editor, as well as its reporter on enterprise technology, cloud computing, and tech policy. Before joining VentureBeat in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. You can also follow Anthony on Twitter.