Ottawa-based data analytics and enterprise content migration platform developers FileFacets has closed a $4 million Series A financing round led by Ottawa-based Celtic House Venture Partners, which contributed $2 million, with participation from Wesley Clover International ($1 million), Green Capital Ventures Ltd. ($500,00) and assorted smaller investors that chipped in the remaining $500,000.
FileFacets provides content analysis for enterprise and specializes in migration of an organization’s files, which are typically scattered across shared hard drives and other IT resources, to a more organized Enterprise Content Management (ECM) system.
The primary clients for FileFacets’ hosted information governance implementation product, which operates on Microsoft’s Azure cloud computing infrastructure, are federal, state and local governments, as well as utilities, and companies in the oil and gas, finance and construction sectors.
FileFacets intends to use the funds to expand its North American sales and marketing efforts 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 CEO. “We will continue our mission of making it cheaper, faster, easier and more secure for organizations to move data from disparate sources into ECMs.”
FileFacets came out of the L-SPARK accelerator, which focuses on early-stage Canadian SaaS companies, where the company made the initial connection with Celtic House.
“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 Celtic House Partner David Adderley. “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.”
Founded in 1994, Celtic House Venture Partners has invested in companies in the technology and innovation sector, 25 of which have either IPO’d or exited through acquisition.
“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.”
An Enterprise Content Management system helps businesses to manage and migrate data by automating its categorization, through the attribution of file metadata, as well as the migration of unstructured content from multiple sources.
FileFacets’ SaaS ECM uses a file sorting algorithm so that businesses can more easily locate particular data, and can also detect duplicate files.
“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.
Celtic House has also participated in the recent $37 million Series C funding round closed by Ottawa-based Diablo Technologies, which has developed a Memory Channel Storage platform, combining software and hardware architectures with NAND-Flash and future Non-Volatile Memory technologies, effectively introducing a new generation of Solid State Storage for data-intensive applications.