Spigit offers crowdsourcing software that helps companies solicit ideas and solutions from internal and external crowds to invent products, identify markets, improve customer experience, streamline processes, and boost employee engagement. The product is led by Spigit and Mindjet CEO Scott Raskin. Spigit serves customers across financial services, insurance, systems integration, pharmaceutical, healthcare, and technology sectors, with reference customers including Citigroup, Pfizer, UnitedHealth Group, IBM, Polaris Industries, and PricewaterhouseCoopers. The company has offices throughout the U.S., U.K., France, Germany, and Australia. In October 2015 the parent company raised financing to support expansion. The company plans to use the funds to amplify global sales and marketing efforts and expand research and development. Spigit provides social innovation software and services that help large enterprises, government organizations and companies tap into the collective intelligence of employees, customers, partners and fans. Its platform incorporates game mechanics and social algorithms to engage people at scale and surface the most promising ideas through collaboration. The company analyzes big data to determine actionable and predictive information. Customers include Overstock.com, AAA, US Bank, City of New York, Estee Lauder and Capgemini. Spigit plans to use the funding to continue building its product portfolio, grow its partner ecosystem, launch a new platform and hire new people. The company is led by founder and CEO Paul Pluschkell and is based in Pleasanton, CA. Spigit offers WE by Spigit, a SaaS product that creates an "innovation community" where up to 500 employees can contribute and collaborate. The platform uses evolving algorithms combined with a thumbs up/down feedback system to assign reputation values that help surface top ideas; the enterprise model also includes prediction and idea-trading markets. Communities are hosted on Spigit's servers and include incentive mechanics—points and virtual currency redeemable for real goods—to boost participation. WE by Spigit is pay-as-you-go, with pricing starting at $500 per month for 50 users and up to $2,500 per month for 500 users. Spigit launched in 2007 and has raised $14M in total funding, including a $10M investment from Warburg Pincus in October 2009. The company reported being cash-flow positive for the past 10 months; BrightIdea is cited as a competitor serving larger enterprises.

Total raised

$38M

Funding rounds

3

Latest round

Equity

Latest activity

Oct 2015