Spencer Trask & Co. is an American company founded in 1881 by Spencer Trask and George Foster Peabody as an investment firm.[1][2] The company is headquartered in Greenwich, Connecticut, and funds early-stage ventures in technology, healthcare, and science.[3]
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][4]
In the late 19th and early 20th centuries, the firm played a key role in financing technological advancements.[5] Notably, it supported Thomas Edison in the development of electric power systems.[6][7] Trask was president of the New York Edison Company, the world's first electric power company, for nearly 15 years.[1] The company became known as Consolidated Edison (ConEd).[8] Spencer Trask was one of the first companies to be supplied with electric lamps.[9]
Spencer Trask & Co. also provided financing for Guglielmo Marconi, whose work in radio technology laid the groundwork for today's wireless communications.[5]
In the summer of 1896, Spencer Trask invested in Adolph S. Ochs's acquisition of the financially struggling New York Times. Trask remained a minority stockholder as Ochs rejuvenated the newspaper and placed it on a profitable basis.[9]
Spencer Trask & Co. was an early investor in Ciena Corporation, which made significant advancements in fiber optic communications technology. Ciena first commercialized dense wavelength division multiplexing (WDM) technology.[10] This became a core component of modern fiber-optic communications and telecommunications infrastructure.[11]
The firm provided the first funding to Myriad Genetics, a genomics diagnostics company known for sequencing the breast cancer gene, BRCA1.[12] This work contributed to advances in genomic medicine.
In addition, Spencer Trask & Co. invested in Health Dialog[13][14] to commercialize partner Jack Wennberg's work in evidence-based medicine and informed patient-based decision-making.[15] Health Dialog's support and research provided the analytical foundation for the Affordable Care Act (ACA).[16]
In August 2024, Spencer Trask launched Signal12 Inc. (Signal12), a clinical-stage ocular health company.[17]
Spencer Trask & Co. has historically backed companies in the field of genomics, healthcare, mobile technology and global communications.[18]
^Fisher, Elliott S.; Wennberg, David E.; Stukel, Thrse A.; Gottlieb, Daniel J.; Lucas, F. L.; Pinder, Étoile L. (2003-02-18). "The Implications of Regional Variations in Medicare Spending. Part 1: The Content, Quality, and Accessibility of Care". Annals of Internal Medicine. 138 (4). American College of Physicians: 273. doi:10.7326/0003-4819-138-4-200302180-00006. ISSN0003-4819.
