NextDocs opens door to VC with $10.3M funding

NextDocs has sold a piece of the fast-growing company to OpenView Venture Partners, the first venture investor to have a stake in the document-management software provider for the life sciences industry.

OpenView has pumped $10.3 million into NextDocs through a Series A round of financing. NextDocs plans to funnel the capital into fueling further growth at the company and expanding its offerings that help life sciences groups overcome regulatory hurdles. Founded in 2006, the King of Prussia, PA-based software firm has grown about 200% per year since its inception and has done so without any previous venture backing. Firas Raouf, a venture partner at Boston-based OpenView, is joining the company's board of directors in connection with the deal.

NextDocs, like many software companies, has built its products on top of Microsoft technology. Yet the firm has taken a lead in providing document-management software stacked on top of Microsoft SharePoint, helping more than 100 life sciences customers rein in myriad records that are important to its various business functions. The firm told FierceBiotech IT back in May that it had 10 times as many customers as its nearest competitor in providing SharePoint-based document management in life sciences.

"It has been a busy few months at NextDocs," Zikria Syed, the company's co-founder and CEO, said. "We announced the creation of a life sciences scalability lab with Microsoft and a partnership with NNIT to expand our offerings in Europe. In addition, Microsoft named us a winner of their Life Sciences Innovation Award, and their Life Sciences Partner of the Year. As we continue to build on this momentum, we will look to deploy this capital from OpenView Venture Partners to enhance our existing product offerings for customers and expand product lines to meet our clients' changing needs."

- here's the NextDocs release

Special Report: NextDocs -- 5 emerging eClinical firms to watch

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