Kitchener-based information management startup Shinydocs has raised $16.25 million CAD to expand its market share as more organizations accelerate their transition to organizing information digitally.
Founded in 2013 by CEO Jason Cassidy, Shinydocs’ software automates the process of finding and identifying files, media content, and documents within an organization’s repositories.
The market for enterprise data management is expected to reach $122.9 billion by 2025.
“Approximately 90 percent of an organization’s corporate data is unstructured,” said Cassidy. “Yet, the nature of this data makes it difficult to identify and manage, which creates operational risk, slows productivity, and limits innovation.”
According to Shinydocs, businesses within the government, financial services, as well as the oil and gas industries use its platform to make data-driven decisions while reducing time for searching files.
Shinydocs’ recent funding round was led by First Ascent Ventures and Export Development Canada. The capital will be allocated towards scaling its marketing resources with the aim to access a “wider customer base,” the startup noted.
Shinydocs is part of a growing industry for enterprise data management, and the market size is expected to increase from $77.9 billion USD in 2020 to $122.9 billion by 2025.
There are several other startups in Canada that have built different iterations of search engine technology for organizations, including Vancouver-based Omnisearch, as well as Toronto companies Secoda and Zuva.
The global market comprises more incumbents from the United States that offer content management as part of their product suite. This includes bigger players like Microsoft’s Sharepoint, Google Suite, and Salesforce CMS.
Shinydocs currently has a team of 86 people, with plans to add another 20 by the end 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 more people for its human resources, marketing, product, sales, customer support, as well as research and development departments.
Featured image courtesy Shinydocs.