M-Files Corporation, a provider of solutions that leverage a unique new metadata-based approach to “dramatically” improve how businesses manage documents and other information, has announced a $36 million round of Series B funding led by Partech Ventures, with participation from Finnish Industry Investment and Draper Esprit.
With flexible on-premises, cloud and hybrid deployment options, M-Files would place the power of enterprise information management (EIM) in the hands of the business user and reduce demands on IT by enabling those closest to the business to access and control content based on their requirements.
M-Files continues to experience explosive worldwide growth resulting in a six-year compound growth rate of nearly 1,000 percent. The new investment will further accelerate existing sales and marketing activities, as well as expansion into new markets in North America, EMEA and APAC. The company will also focus on expanding and strengthening its global partner network, which currently consists of over 450 partners operating in more than 100 countries.
“Partech Ventures invested in M-Files not only because of their demonstrated track record of success, proven leadership and enormous market potential, but also because we saw a unique vision for a new generation of solutions beyond traditional document management and enterprise content management (ECM) that has the potential to transform the market,” said Bruno Crémel, General Partner at Partech Ventures.
CRM, ERP and HR
While other systems manage information according to antiquated folder structures, with M-Files, content is not tied to a specific location, but is intuitively classified and managed based on ‘what’ it is versus ‘where’ it’s stored. This approach would also enable organizations to easily and directly integrate core business systems, such as CRM, ERP and HR, with documents and other unstructured content.
The M-Files approach relies on a unique metadata-driven architecture that would enable users to quickly find and access information based on its relevance, regardless of the system or repository in which it is stored. This patent-pending technology also forms the foundation of a revolutionary new repository-agnostic solution that creates an ‘intelligent metadata layer’ that overlays and unifies existing data repositories and core business systems, including Documentum, OpenText, SharePoint, Box, Salesforce, SAP and others.
The new solution also employs “state-of-the-art” search, auto-classification and machine learning technologies that would enable businesses to intelligently manage information based on its value, without migration or duplication, and without disturbing other core business processes and applications.
“We’re excited about working with the world-class team at Partech Ventures to accelerate our plans for sustained growth,” said Miika Mäkitalo, CEO of M-Files Corporation. “We’re succeeding by helping customers in a variety of industries with key business processes related to accounting, HR and quality management, with solutions that are simple, secure and scalable. This funding will enable us to build on that success, as well as further develop our world-class professional services organization, and expand local teams in the UK, continental Europe and APAC to better support our customers and partners.”