Wednesday, May 7, 2008

InnoCentive intakes $6.5M in second round of funding

By Mass High Tech

Online research collaboration company InnoCentive Inc. has raised $6.5 million of a planned $7.5 million Series B round of financing, according to federal filing.

Waltham-based InnoCentive has attracted 75 investors, including New York-based Spencer Trask & Co., the California-based Omidyar Network, and Indiana-based Eli Lilly & Co., according to the U.S. Securities and Exchange Commission filing.

InnoCentive, which was founded in 2005, operates a website where researchers can collaborate on scientific challenges. In 2006, the company completed a $9 million Series A round of funding.

That same year, the company reported a total of 110,000 registered users of its website and appointed Dwayne Spradlin, former president of Hoovers Inc., a Dun & Bradstreet company, to lead InnoCentive.