NextDocs secures $10.3M for compliance solutions
It seems pretty likely that if you’re a business in a heavily regulated industry, like pharmaceuticals, you can bank on spending huge chunks of time meeting compliance standards with government bodies like the FDA. Thus, it seems even more likely that if you do a little browsing around the Internet, you could probably find someone to do that for you. To that end, compliance solutions providers like NextDocs have cropped up to help businesses in regulated industries save time and money. On Monday, NextDocs announced a $10.3 million Series A round from OpenView Venture Partners.
Founded in 2006, the King of Prussia, Pennsylvania-based company leverages Microsoft SharePoint to enable businesses in the life sciences industries meet compliance standards while automating processes, improving efficiency, and reducing cost. NextDocs has already drawn quite the impressive client list, including five of the top ten pharmaceutical companies in the country.
In addition to pharmaceuticals, NextDocs also serves research institutes, clinical research organizations, labs, technology service providers, and medical device makers. Some of the names you might be familiar with include Pfizer, Sanofi, Evenflo, Charles River Labs, Inventiv, St. Jude Medical, Duke Clinical Research, Stanford University, Wake Forest University, and more.
“The market for life sciences compliance solutions is undergoing significant change, and life sciences companies are no longer satisfied with the incumbent solutions due to their complexity and cost,” says Firas Raouf of OpenView Venture Partners, in a statement. “Over the past few years, a new breed of compliance solution providers has emerged to satisfy the evolving needs of these companies. These new entrants have leveraged Microsoft SharePoint as the platform upon which to build the next generation of compliance solutions. After spending a good deal of time researching the space, it became clear that NextDocs was the leading provider in this emerging sector.”
In 2010, NextDocs was ranked number 52 in Inc.’s annual list of the fastest growing companies in the U.S. The company plans to use the new capital from this round to accelerate growth, invest in new product lines, rev up customer service and support, and expand into new markets.