Sonian gets $8M for new cloud product, hits $10M in revenue
Sonian, a data archiving services firm based in Dedham, eclipsed the $10 million revenue mark in 2013 and plans to launch a new cloud product in February using $8 million in recently raised venture funding.
The new funding was initially disclosed in an SEC filing in late November, and Sonian named the investors in the round on Monday — Boston-based OpenView Venture Partners, Needham-based Prism Venture Partners and Summerhill Venture Partners, which has offices in Boston and Toronto.
The funding completes Sonian’s Series C round at $21.6 million, and brings Sonian to $37.6 million in total raised since its founding in 2007.
The company’s new product, DiscoverStor, is slated to debut Feb. 4. The product will allow customers to index, store and search through nearly 500 different file types on the cloud — from emails to medical imaging and CAD (computer-aided design) drawings.
The content can be retrieved in seconds, making it far easier for businesses to find many types of data in the cloud, Sonian CEO Jeff Dickerson said in an interview.
“What we’re looking to do is take all this business content and store it on the cloud and make it searchable,” Dickerson said.
Sonian has about 80 employees, fewer than half of which are based in Dedham. The rest are spread across the company’s offices in Denver, Seattle, San Diego and the United Kingdom, Dickerson said.
The company’s expansion goals for 2014 include growing its employee base between 25 and 30 percent to drive revenue.
“We’re looking to double the size, from a revenue standpoint, this year,” Dickerson said.
DiscoverStor’s target market is legal technology, but the company itself has customers across a wide range of industries including health care, retail, manufacturing and state and federal government.
Sonian indexes and stores about 17 million documents each day across five public clouds.