Open source digital asset and content management provider Nuxeo has won a US$ 3.8 million round of funding it plans to use on expanding in the US where it began began increasing its focus in 2009.
US Accounts for More than 50% of New Subscriptions
Nuxeo is based in Paris, but it is increasingly focusing on the lucrative US market, where it now has offices in New York, Boston and San Francisco. Its Nuxeo Platform has matured over the past few years to the point it is now on a steady release cycle, and it sees updates roughly every six weeks.
The influx of cash is from investment firms OTC Asset Management and OTC Extend, two French companies that clearly think Nuxeo is making lots of the right moves. Nuxeo has now garnered nearly US$ 10 million in total funding, and it plans to use the recent cash raising to invest more in consulting and support teams, but also to expand its sales presence in North America.
Revenue coming out of the US has grown over 100% annually since 2011, the company says, and the US now accounts for more than 50% of new subscriptions. Additionally, Nuxeo says it is seeing monthly subscription renewal rates over 100% globally, something it attributes to satisfied customers and to customers spending more as they grow their own businesses.
Prominent Nuxeo customers include Netflix, the US Navy, Electronic Arts and Jeppesen, a Boeing company.
Nuxeo World Conference Coming Up in October
A Nuxeo update is due out in September after the company began rolling out fast track updates earlier this year. These are minor updates that are interrupted every year by a long term release update. These are the major updates that especially large customers are more comfortable making. It's often simpler to update just once a year in that kind of environment, and Nuxeo has clearly heard lots of feedback on when customers want updates and what features they want.
In August, Nuxeo Platform v5.7.2 was released, and September should see the release of v5.7.3. The next long term release will be dubbed version 5.8. The Nuxeo Platform 5.7.2 update included an enhanced video player, and bulk document tagging.
In early October, Nuxeo is holding its Nuxeo World conference in Paris, an event that will likely give us more details about both the company's business plans in the US, and it long term product plans as well.