Spencer Trask & Co.
American investment firm (e. 1881)
From Wikipedia, the free encyclopedia
Spencer Trask & Co. was founded by Spencer Trask and George Foster Peabody as an investment firm.[1][2] The company is headquartered in Greenwich, Connecticut, and funds ventures in genomics, healthcare, mobile technology and communications.[3][4]
| Headquarters | , United States |
|---|---|
Key people | Kevin Kimberlin (Chairman) |
| Services | Development of advanced technology companies |
| Website | spencertraskco |
History
Spencer Trask & Co. was established in 1881 by Spencer Trask, evolving from his earlier ventures, including Trask & Stone, a brokerage house founded in 1868.[1][5]
In the late 19th and early 20th centuries, the firm played a key role in financing[6] Thomas Edison in the development of the light bulb and the electric power systems.[7][8] Trask was president of the New York Edison Company, the world's first electric power company, for nearly 15 years,[1] now known as Consolidated Edison (ConEd).[9] Spencer Trask was one of the first companies to be supplied with electric lamps.[10]
Spencer Trask & Co. also provided financing Guglielmo Marconi and Marconi Wireless, whose work in radio technology laid the groundwork for today's wireless communications.[6]
Mr. Spencer Trask purchased 100% of The New York Times and hired Adolph S. Ochs as publisher. Trask remained the major stockholder as Ochs rejuvenated the newspaper and made it profitable.[10]
Spencer Trask & Co. was the first investor in Ciena Corporation, which made significant advancements in fiber optic communications technology. Ciena first commercialized dense wavelength division multiplexing (WDM) technology.[11] This became a core component of modern fiber-optic communications, telecommunications infrastructure and the Internet.[12]
The firm provided the first funding to Myriad Genetics, a genomics diagnostics company known for sequencing the breast cancer gene, BRCA1.[13] This work contributed to advances in genomic medicine.
In addition, Spencer Trask & Co. invested in Health Dialog[14][15] to commercialize partner Jack Wennberg's work in evidence-based medicine and informed patient-based decision-making.[16] Health Dialog's support and research provided the analytical foundation for the Affordable Care Act (ACA).[17]
In August 2024, Spencer Trask launched Signal12 Inc. (Signal12), a clinical-stage ocular health company.[18]