KnowledgeTree, a company that does business-specific cloud-based document management, has just taken a $4.75 million round of funding from a collection of East Coast and international VCs.
KnowledgeTree isn’t quite like Google Docs; rather, it has some very specific tools for collaborating, versioning, and managing documents in very specific work environments, such as in-house legal counsel and finance teams. Users can create workflows for documents; in that way, it almost mimics what some cloud task-management software would do (see also: Asana).
It also allows anyone to search through a company’s entire knowledge base of documents — like an intranet search, but probably less janky (that’s a technical term).
All in all, KnowledgeTree is in a white-hot and quite profitable space of the industry, and it’s trying to use this capital to elbow its way through bigger doors to catch more clients.
Here’s a demo explaining a bit about what KnowledgeTree does, with voiceovers courtesy of The Deepest-Voiced Man in the World:
KnowledgeTree charges on a per-seat basis and has a sliding scale based on the size of the team using its software, and it counts among its clients such big fish as Miramax, Orbitz, and Fuji Chemical.
This round is the company’s second infusion of institutional funding and comes from River Cities Capital Funds (with offices in Ohio, North Carolina, and Florida), Core Capital Partners (a Washington, DC venture firm), Hatteras Funds (in Raleigh, North Carolina), and previous investor Hasso Plattner Ventures (based in South Africa).
“At many of the world’s largest organizations, KnowledgeTree has proven the value of a ‘structured social’ approach to managing documents,” said KnowledgeTree CEO Daniel Chalef in a release. “With the new funding, KnowledgeTree will rapidly scale our success in customer acquisition while evolving our product’s features to meet the market’s need for business-centric and social document management tools.”
Or, in plain English, they’ll use the money to get more paying customers and design cutting-edge features to compete with Asana, Google, and every other enterprisey, cloudy company on the market.
Edward McCarthy, Raleigh-based managing director of River Cities Capital Funds, and Will Dunbar, managing director of Core Capital Partners, will join the board.
KnowledgeTree was founded in 2006 and is headquartered in Raleigh, North Carolina.
Image courtesy of Dmitriy Shironosov, Shutterstock