Sonian, a provider of hosting services for companies looking to store their employees’ communications, has brought in $5.6 million in a first round of funding from Prism VentureWorks and Summerhill Venture Partners. About $1.3 million of the money came from undisclosed individual investors.
The company says its product stores and indexes all channels of communication, including emails and instant messages. This material is used by many businesses to enforce regulations and compliance. Sonian targets businesses ranging from 200 to 5,000 employees that are looking for more affordable solutions in this area. It has already recruited a client base of 1,000, and says it will use its new round of financing for further expansion and product development.
Sonian says the funding is a good sign in a market that has slowed since the economic downturn. Compliance software is not core to a lot of businesses, and often falls into the discretionary spending category.