Posted: 15 Oct 2009 04:50 AM PDT (TechCrunch)

Social productivity startup Spigit raised $10 million in Series B funding from private equity firm Warburg Pincus. This brings Spigit’s total funding up to $14 million. Spigit’s CEO and Founder, Paul Pluschkell says that the company will use the funds towards product development, and sales and marketing efforts.

Spigit’s products help businesses and teams contribute ideas, offer feedback and evaluate concepts to streamline idea generation and promote innovation. Spigit recently launched integration with Microsoft SharePoint, which includes a dashboard that provides real-time updates on activity, hot topics and employee contributions within a business, an advanced analytics engine that identifies the best ideas among all contributions and a customizable workflow systems to manage ideation. The software also evaluates employees and offers an incentive and rewards program.

Spigit’s software has some big name clients IBM, Pfizer, Lloyds Banking Group, Walmart, MedPlus, Southwest Airlines and Choice Hotels International. The startup faces competition from Jive and BrightIdea.