Wellspring, a Chicago, IL-based provider of enterprise software to manage research and innovation, raised $5m in funding.
The round was led by MK Capital.
The company intends to use the funds to strengthen existing products and technology position within the R&D and product innovation markets and expand in the corporate R&D, clinical, and academic research markets.
Founded in 2003 as a spin-out of Carnegie Mellon University and led by Robert Lowe, Chief Executive Officer, Wellspring provides software systems to manage the processes of open innovation, including technology scouting, corporate venturing, in/out-licensing, intellectual property management. The Sophia Knowledge Supply Chain Software aims to enable companies, foundations, government agencies, and universities to identify and capture value from knowledge assets and their network of collaborators.
It is used by hospitals such as University Hospitals/Case Medical Center and Children’s Hospital of Los Angeles, corporations such as Johnson & Johnson Consumer Products.
In 2010, the company acquired Flintbox, an intellectual property exchange originally founded by the University of British Columbia.