The Russian private equity firms Onexim Group of Mikhail Prokhorov and Sputnik Group have invested $5 million in Series A funding in Witology, which develops intellectual crowdsourcing and collective intelligence platform, according to its announcement.
Witology was founded by Sergey Karelov, Chief Technology Officer (CTO) and Alexander Oslon, Chief Social Technology Officer (CSTO). The founders have been developing their venture for the past two years. Witology is headed by CEO Alexander Malyukov, who previously launched search advertising service Blondinka.ru.
As a result of the investment, Onexim and Sputnik will own 41% and 8.94% of Witology, respectively. The founders will hold a 50.06% stake in Witology.
Witology strives to develop a new type of social networking platform to be based on collective intelligence and crowdsourcing to help resolve business issues. The examples of these social networks include Quora, Namesake, and StockTwits.