Shinydocs raises $16.25 million to make it simpler to search out buried information, media, paperwork
Shinydocs’ platform automates data administration for organizations.
Kitchener-based data administration startup Shinydocs has raised $16.25 million CAD to develop its market share as extra organizations speed up their transition to organizing data digitally.
Based in 2013 by CEO Jason Cassidy, Shinydocs’ software program automates the method of discovering and figuring out information, media content material, and paperwork inside a company’s repositories.
The marketplace for enterprise knowledge administration is predicted to achieve $122.9 billion by 2025.
“Roughly 90 p.c of a company’s company knowledge is unstructured,” mentioned Cassidy. “But, the character of this knowledge makes it troublesome to establish and handle, which creates operational danger, slows productiveness, and limits innovation.”
In line with Shinydocs, companies throughout the authorities, monetary companies, in addition to the oil and fuel industries use its platform to make data-driven choices whereas lowering time for looking out information.
Shinydocs’ latest funding spherical was led by First Ascent Ventures and Export Growth Canada. The capital can be allotted in direction of scaling its advertising and marketing sources with the goal to entry a “wider buyer base,” the startup famous.
Shinydocs is a part of a rising business for enterprise knowledge administration, and the market measurement is predicted to extend from $77.9 billion USD in 2020 to $122.9 billion by 2025.
There are a number of different startups in Canada which have constructed totally different iterations of search engine know-how for organizations, together with Vancouver-based Omnisearch, in addition to Toronto firms Secoda and Zuva.
The worldwide market contains extra incumbents from the US that provide content material administration as a part of their product suite. This consists of greater gamers like Microsoft’s Sharepoint, Google Suite, and Salesforce CMS.
Shinydocs presently has a staff of 86 folks, with plans so as to add one other 20 by the tip of 2023, as reported by Kitchener-Waterloo tech hub Communitech.
In 2022, Shinydocs secured $4 million CAD from FedDev Ontario with the intention of hiring extra folks for its human sources, advertising and marketing, product, gross sales, buyer assist, in addition to analysis and improvement departments.
Featured picture courtesy Shinydocs.
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