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M-Files announced it has raised $80 million as the Finnish company develops AI that automates the messy process of organizing and tracking internal documents and data for enterprises. Bregal Milestone led the round, which included previous investors Partech, Tesi, and Draper Esprit.
M-Files’ goal is to make it easier for companies and employees to find the information and documents they need. M-Files does that by applying its algorithms to the metadata of digital documents to create an organizational structure that spans the entire enterprise to unify categories and keywords used by different departments and tools.
“We’ve identified opportunities to accelerate our growth and further expand M-Files’ market penetration, especially in North America,” M-Files CEO and founder Antti Nivala said in a statement.
M-Files’ platform is appealing, in part, because enterprises can plug it into other digital workplace tools, such as Salesforce, Microsoft 365, and Google Workspace. With different filing systems, companies that use several such tools can otherwise have a hard time wrangling documents scattered across various platforms and departments.
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According to its press release, M-Files now has customers in over 100 countries and 500 employees in 11 offices.
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