Enterprise information management provider M-Files has just landed a massive $36 million Series B funding round, led by Partech Ventures, with participation from London-based Draper Esprit and Finnish Industry Investment.
For those unfamiliar with M-Files, the Dallas-based startup provides a file management solution that relies on a document’s “metadata” to help users quickly search, find and access information within a company’s systems, based on its relevance to the search, regardless of where it’s stored. It works by creating what the company calls an “intelligent metadata layer,” which pulls and unifies data from multiple sources, including Box, Documentum, OpenText, SAP, Salesforce, Sharepoint and other popular platforms.
The main idea behind M-Files is that it not only enhances an organization’s information search and management capabilities, but does so without migration or duplication, and without interfering with other business processes and applications.
“While other systems manage information according to antiquated folder structures, with M-Files, content is not tied to a specific location, but is intuitively classified and managed based on what it is versus where it’s stored,” according to a press release. “This approach also enables organizations to easily and directly integrate core business systems, such as CRM, ERP and HR, with documents and other unstructured content.”
M-Files’ unique offering is proof that entrepreneurs need to remain focused on two things: building a solid product that provides tangible value to customers and ensuring that product can create revenue, instead of just seeking out funding for their ideas. We’ve seen it happen time and time again in Dallas, with startups like Pieces Tech, which built a healthcare analytics platform; Kubos Corp., which has created open-source software for satellites; and Koupon Media all landing significant funding rounds in recent weeks, having successfully delivered compelling technology products that businesses are keen to use.
Venture capital is flowing into Dallas because local entrepreneurs understand how the tech business works – build something that matters, create a viable revenue stream, and it won’t be long before you’re fighting off those venture capitalists from your doorstep, just like M-Files.