Shinydocs, a Canadian software company based in Waterloo, has announced that it has raised $16.25 million in a funding round led by First Ascent Ventures and Export Development Canada (EDC). The investment will be used to expand the company’s sales and marketing resources and to challenge the assumptions of the information management industry.
According to Jason Cassidy, the CEO of Shinydocs, the exponential growth in the volume of unstructured data held by organizations has made it difficult for them to identify and manage their data, leading to operational risks, decreased productivity, and limited innovation. Shinydocs aims to solve these problems by using a search engine approach to crawl through structured and unstructured corporate document repositories to discover data and automatically recognize, classify, and index content.
Shinydocs’ software operates without any disruption to end-users, allowing employees to work as usual without the need to migrate data or switch between different applications. The company believes that there is a better, more intuitive, and cost-effective way for organizations to manage information, and this belief has propelled Shinydocs forward in the development of its software, services, and strategy.
Shinydocs is poised to capture a growing segment of the fragmented information management market at a critical time for enterprises. By managing and driving business value hidden within unstructured data amongst an organization’s content, files, documents, and media, the company is helping businesses make sense of their data and make more informed decisions. The funding will enable Shinydocs to access a wider customer base and continue to innovate in the information management space.
Shinydocs’ innovative software and services have already gained traction with several high-profile clients, including AgNovos Healthcare and Dunedin City Council, who are using the platform to improve customer experience, collaboration, innovation, and compliance with industry regulations through more effective management of their business content. With the new funding, Shinydocs plans to continue to grow its customer base and expand its reach into new markets, including healthcare, financial services, and government, as it works to revolutionize the way organizations manage their data and drive real business results.
