NineSigma, based in Cleveland, Ohio, provides open innovation solutions using a proprietary methodology, an extensive knowledge base and a network of over two million solution providers. The company closed a $2.5M debt financing with BlueCrest Capital Finance, L.P. on April 25, 2011. Cafferty & Company served as independent advisor on the financing. According to CEO Andy Zynga, the capital will be used to expand NineSigma’s current capabilities, increase the number of organizations it serves worldwide and broaden the breadth of solutions it offers. The article does not disclose revenue or other financial metrics. NineSigma runs an open innovation marketplace that connects corporations with a large network of external innovators to help solve technical and product challenges. The company says it has the largest network of this kind and counts customers such as GlaxoSmithKline, DuPont and Xerox. Its services are positioned to increase speed to market and lower product development costs for clients. The Cleveland startup raised a $4 million financing and plans to use the proceeds to enhance existing services and expand internationally. CEO Paul Stiros was previously a director of research and development at Procter & Gamble, a company that is also a NineSigma client. The article notes the open innovation marketplace appears to be heating up in the market.

Total raised

$7M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Apr 2011