CEO: Zik Syed
Headquarters: King of Prussia, PA
True--NextDocs was one FierceBiotechIT's 5 emerging eClinical firms to watch back in May. But the company deserves to be back on this list because of some promising new developments in the fast-growing company, which has become the leading provider of Microsoft SharePoint-based document-management software for the life sciences industry.
As of late spring, the company had managed to fuel its rapid expansion with revenue from product sales and without ever taking a dime from venture capitalists (most firms don't unless they need the cash). Yet this has since changed. The closely held company sold a piece of its business to OpenView Venture Partners in a deal disclosed in late August. The Boston venture firm prefers to back tech outfits like NextDocs with $2 million to $20 million in yearly revenue and great prospects for continued growth. Companies starving for cash to keep their nascent start-ups afloat need not apply for OpenView's support, from what this editor understands from previous conversations with the firm.
With $10.3 million raised in the venture deal, NextDocs CEO Zik Syed and his team have the capital to put the business's growth engine into high gear. Last month, the firm opened the doors at a new office near Portland, OR, to support customers and sales in the region and expanding its presence in the backyard of its partner Microsoft. Microsoft has recognized NextDocs as a high-flyer among its software partners, and the two companies revealed in June how they plan team up to provide a test site for life sciences companies at a Microsoft facility in Malvern, PA, giving developers a place to pilot IT systems before they are used for real.