Data analytics and content migration company FileFacets today announced that it has closed a $4 million Series A financing round led by Celtic House Venture Partners. Also participating in the round were venture capital firms Wesley Clover International and GCI Ventures Ltd. (GCI).
FileFacets will use the funds to expand its sales and marketing team in North America and accelerate the growth of its channel sales strategy.
“We are delighted to have received this funding that will allow us to focus on scaling our operations across North America and into markets abroad,” said Chris Perram, FileFacets co-founder and Chief Executive Officer. “We will continue our mission of making it cheaper, faster, easier and more secure for organizations to move data from disparate sources into ECMs.”
While today’s Enterprise Content Management (ECM) systems are built to organize data for records management and file sharing, the onus of evaluating and processing billions of files is a daunting task for any corporation.
For businesses migrating large amounts of data from one or multiple systems to another, the discovery, classification and attribution of content with relevant business value can take months or even years.
FileFacets’ cloud data analytics and content migration platform makes it easy for businesses to manage and migrate data by automating the categorization of data, the attribution of file metadata and the migration of unstructured content from multiple sources into structured ECMs.
FileFacets’ automatic file sorting algorithms make it simple for organizations to locate essential data. The solution can access and scan files without interruption and detect duplicate files before moving them. Additionally, FileFacets analyzes and leverages file metadata, as opposed to actual content, so an organization’s data remains secure.
As the only migration tool available as a pure SaaS solution, it is able to easily scale and support a number of users across multiple locations in a safe manner.
FileFacets was part of the L-SPARK accelerator, which gives early stage Canadian SaaS companies the tools to scale their businesses. It was through L-SPARK that FileFacets was connected to Celtic House to secure funding to realize its next wave of growth.
“FileFacets has done an amazing job building their technology platform to deliver a single, turn-key solution to help solve a major piece in the data migration puzzle,” said David Adderley, Partner at Celtic House Venture Partners. “We look forward to working with Chris and his team on their continued growth and success. We expect FileFacets to take advantage of synergies with Celtic House’s existing portfolio of companies by leveraging their business and technology expertise and customer relationships.”
“The high-tech scene in Ottawa continues to flourish and shine on the international stage,” said Sir Terry Matthews, founder and Chairman of Wesley Clover International. “FileFacets fits very well into the Wesley Clover global portfolio of next-generation cloud and SaaS companies and we look forward to supporting FileFacets’ success.”
“We are pleased to have participated in funding this up and coming Ottawa technology company and look forward to a continued partnership with FileFacets as they gain traction globally,” said Larry Liu, Principal of GCI Ventures Ltd. (GCI).
The ECM market is expected to reach $66 billion by 2021. And because of the cloud, mid-sized companies can now afford to implement ECM systems. FileFacets brings advanced analytic solutions to small, medium and large organizations to move their files into ECM and file sharing technologies.