Thoughtexchange announced today it has secured a $20 million Series B financing round led by Information Venture Partners with participation from existing investor Yaletown Partners and new investor Voyager Capital.

Thoughtexchange’s cloud-based SaaS platform allows leaders to crowdsource answers to open-ended questions in real-time. It is used by leaders at hundreds of companies such as Allstate and American Airlines to gather answers from employees to various questions.

The disarmingly simple idea helps leaders solve enormously complex and valuable problems. By removing bias and using AI analysis, any leader can tap directly into the collective intelligence and find out what’s most important to those in groups of anywhere from ten to tens of thousands of people. At the same time, individuals within groups all learn from one another and expand their own perspectives.

Thoughtexchange is based in Rossland, B.C. and this fall was ranked #132 on the definitive Growth 500 list, thanks to 744% revenue growth in the past five years. Thoughtexchange currently has 140 employees and is hiring in Rossland and Vancouver.

“The way leaders succeed is evolving fast,” said Dave MacLeod, Thoughtexchange CEO. “People want to actively help solve the challenges their organizations face and invest in a greater mission. That goes beyond participating in the odd focus group or survey. Crowdsourcing technology is attracting attention and capital because it helps leaders do their job better. It allows them to reach into all four corners of their organization or community and tap into a wealth of insight on any subject at any time. We can’t wait to see what more leaders do with it.”