Sakai
Sakai is an Open Source Course Management System that has the potential to unseat Blackboard and WebCT from major Tertiaries. It has US$6.8M funding and follows open standards and a "community source" model for "the purposeful coordinating of work in a community".
Sakai is a collaboration between the University of Michigan, Indiana University, MIT, Stanford, the uPortal Consortium, and the Open Knowledge Initiative (OKI) with the support of the Andrew W. Mellon Foundation.
It is integrating four existing existing projects to produce a set of interoperable modules.