Wellspring Closes $6M Series B Round
CHICAGO, IL, Wellspring, the leader in technology scouting, corporate venturing, and tech transfer software, today announced it has raised a $6 million Series B round led by Plymouth Ventures.
The round also included participation by existing investor MK Capital. Wellspring will use the funds to scale sales and marketing of the company's next generation software platform used by corporate and university clients to find, manage, and invest in emerging technologies.
'Our mission is to manage the world's innovations, empowering corporate leaders, academic researchers, and start-ups to effectively partner and commercialize emerging technologies. Connecting the supply and demand for innovation is a long-standing problem. With hundreds of enterprise clients using Wellspring software, we have established ourselves as the leaders in solving this challenge,' said Dr. Robert Lowe, Chief Executive Officer. 'Plymouth's operational experience and additional capital enable us to scale Wellspring to the next level.'
'Every day we see the challenges companies of all sizes face in sourcing and investing in innovation,' remarked Evan Ufer, partner at Plymouth Ventures. 'Wellspring has clearly demonstrated a revolutionary software solution that enables companies and universities to find each other and manage the complexity of licensing and investing. We are excited to partner with the Wellspring team as they continue to push the boundary of enterprise innovation management.'
Founded as a spin-off by faculty and staff at Carnegie Mellon University, Wellspring quickly became the preeminent tech transfer solution provider for research institutes. Wellspring subsequently acquired Flintbox, the world's largest online exchange of early-stage technologies. As a natural extension of their involvement in open innovation, Wellspring developed purpose-built software for technology scouting, corporate venturing, sponsored research, and licensing.
This new investment shortly follows the release of Wellspring's next generation software platform which launched at the end of 2015. Wellspring's new solution for tech scouting and corporate venturing will be showcased at the upcoming Global Corporate Venturing and Innovation Summit on January 27, 2016 in Sonoma, California.
Wellspring is a leader in software solutions for tech scouting, corporate venturing, licensing, and intellectual property management. More than 500 organizations worldwide, ranging in size from 100 to more than 100,000 employees, use Wellspring software to accelerate their innovation programs. Wellspring's clients include Fortune 500 companies, SMEs, hospitals, government agencies, and universities. The company also owns Flintbox, the world's largest online exchange for early-stage technologies. For further information, please visit http://www.wellspring.com.
About Plymouth Ventures
Plymouth Ventures, a leading growth-stage venture capital firm in Ann Arbor, Michigan, is the manager for Plymouth Venture Partners I, II, and III. The company invests in Great Lakes-based, B2B product and services companies that have scalable technology, high growth and strong teams. Plymouth is led by partners Mark Horne, Jeff Barry, Kevin Terrasi and Evan Ufer. The company was founded by Ian Bund who remains active as a Senior Advisor. For more information on Plymouth Ventures and its investments, please visit http://www.plymouthvc.com.
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