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.
