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Innovation management vendor Spigit plans to boost development, staff with new funding

Innovation management vendor Spigit plans to boost development, staff with new funding

The company raised about $15 million in its latest funding round

Spigit, an enterprise social collaboration vendor whose software helps companies with idea generation and management, has raised US$15.2 million in its latest funding round and plans to use the money in part to boost its partner roster and launch a new platform.

Spigit, which has now raised a total of $41.2 million since its founding five years ago, plans to increase the number of partners whose products integrate with its software. The company already integrates with software from Jive Software, Yammer and Salesforce.com.

It will also use the funding infusion to boost its product development, grow its staff and launch what is describes as a new "crowd innovation platform" called Icon, which it plans to launch next month.

This latest funding round was led by Warburg Pincus.

Spigit's enterprise social software is designed for organizations to manage the process of collective brainstorming, so that they can develop innovative strategies and products in a more efficient and effective manner.

Spigit's software is used by about 5 million end users in companies like Overstock.com, Allstate, Cisco, Estee Lauder and Capgemini. Its customer base includes 25 percent of the Fortune 100 companies.

Juan Carlos Perez covers enterprise communication/collaboration suites, operating systems, browsers and general technology breaking news for The IDG News Service. Follow Juan on Twitter at @JuanCPerezIDG.

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