Digital info management platform Shinydocs scores C$16.25m in VC

• Shinydocs provides software and services to make it easier for companies to find the files, documents and records that hold valuable business information
• The proceeds of the financing will help Shinydocs to scale its sales and marketing resources to access a wider customer base
• First Ascent Ventures invests in companies that are building enterprise B2B software

Shinydocs, a Kitchener, Ontario-based digital information management software company, has secured C$16.25 million in financing.

First Ascent Ventures and Export Development Canada led the round.

Shinydocs provides software and services to make it easier for companies to find the files, documents and records that hold valuable business information. It does this by taking a search engine approach that crawls through structured and unstructured corporate document repositories to discover data and then automatically recognize, classify, and index the content.

The proceeds of the financing will help Shinydocs to scale its sales and marketing resources to access a wider customer base.

“We are excited to support Shinydocs as they continue to scale the organization to deepen their presence in North America and reach customers in new geographies,” said Richard Black, co-founder and managing partner of First Ascent Ventures, in a statement. “Our investment in Shinydocs reflects our belief in the significant market potential for their technology as evidenced by the expansion of use cases customers discover upon realizing the solution’s full functionality. Shinydocs is well positioned to disrupt a vertical that is focused on hosting as a service rather than content management.”

Based in Toronto, First Ascent Ventures invests in companies that are building enterprise B2B software that leverages the cloud, artificial intelligence, machine learning, big data, 5G, mobility and IoT. The focus is on opportunities that are solving challenges related to data privacy and security.

Owned by the Canadian government, Export Development Canada is an export credit agency.