For SpringCM (news, site), the latest in a string of upbeat announcements over the past year is that it has successfully raised another round of financing, to the tune of US $ 15 million, for the development of its cloud platform.
The result of a joint capital partnership between Foundation Capital, North Bridge Venture Partners and Silicon Valley Bank, these latest funds will be pumped back into the platform which has seen SpringCM double its size every year since it was created in 2005.
Funding and Expansion
Generally speaking, claims by a company that it has reached that level of expansion have to be taken with the tiniest pinch of salt. However, the fact that these three venture capital investors have put up millions would indicate that the claims in this case are on the money.
This is especially given that two of the investors -- Foundation Capital and North Bridge Venture Partners -- have been with the Chicago-based company since the beginning. After all, if they weren’t confident of a return on investment, they wouldn’t be there.
Before the money has even landed, SpringCM has identified where it will be going.
The additional funding will aid in fuelling our expansion of channel sales, partner relationships and research and development . . .” SpringCM CEO, Chris Junker said.
SpringCM has had a good year so the fact that they can raise this kind of funding is not really a surprise. It's also important to note that depending on the analyst you talk to, up to 10% of enterprise content will be managed in the cloud by 2012.
CODiEs and Records Management
It also has the products to cut it a reasonable piece of that business. Just this summer, it picked up a coveted CODiE award for its cloud-based document management software.
SpringCM has done a lot of work on its enterprise CMS over the last year with the release of new versions with new products. It's likely that it received its CODiE for document management because of the new records management abilities that it added in v5.4 released last November.
Version 5.4 of SpringCM took records management automation a few steps further with several new capabilities including the ability to set the retention periods on a document using a date field inside the document itself, and automatic classification through a SpringCM Advanced Workflow or a document rule.
The month before that it released a connector for SharePoint 2007 and 2010 giving it a five month jump on the release of SharePoint 2010.
With an extra US$ 15 million in its pocket, it’s likely there’ll be more before the end of the year.