I'm delighted to announce today that Wellspring has closed a $5M round of growth capital led by MK Capital. We concluded 2013 with our strongest year to date, posting substantial, profitable growth in each of our major sectors: academic markets, corporate innovation / R&D, and health care. Following such a successful year, I am incredibly optimistic about further expansion fueled by the experience, expertise, and resources provided by our partners at MK Capital.
Our success over the past year highlights that we truly are in a new world of innovation. The knowledge economy has fundamentally changed how technology and product development happens. Every organization is a Knowledge Supply Chain: scouting, sourcing, investing in, and managing intellectual assets that serve as the critical components of new products and services.
This is not a trend on the distant horizon or a bullet point for an executive retreat presentation, but a fundamental shift today impacting how companies, hospitals, and universities create disruptive, category-changing innovations.
As the sector for enterprise R&D software continues to emerge, Wellspring is fortunate to be in the leadership position. I'd like to say we thought of this all ourselves, but in fact we have been advantaged by the leadership and support of insightful business partners, an innovative client base, and our (new) home town.
Indeed, the full press release demonstrates the welcoming and supportive role the City of Chicago has played over the past 24 months. We would not be in the position we're in today if not for the world class companies (aka clients), unmatched support infrastructure, and the efforts of Mayor Emanuel's office to support a burgeoning technology sector.
We've learned that no one organization can conquer on its own. Through the open exchange of knowledge, directed by effective teamwork and a determined work ethic, we collectively find and build the next Innovation Empire. Thank you to everyone who's joined this journey together.