SmartFile aims to raise its profile in a crowded market of document management software offerings and it now has $1.1 million in new capital to help.
The Indianapolis-based company says VisionTech Angels, which describes itself as Indiana’s largest angel investment group, led the investment in SmartFile. The funding also included participation from Elevate Ventures. SmartFile says it will use the funds to scale up marketing for its software, as well as support additional product development.
SmartFile launched in 2009. The company developed a software platform that enables businesses to store, share, and manage their files on-site and in the cloud. The company says it has more than 1,500 customers in a wide range of industries spanning in size from small and medium businesses to Fortune 1000 companies. Publicly disclosed customers include BMW, Novo Nordisk (NYSE: [[ticker:NVO]]), Bloomington, IN-based Cook Medical, and the Indianapolis-based National Collegiate Athletics Association. SmartFile’s technology helps the NCAA store and manage digital files such as logos, rosters, and fight songs. Media outlets are able to access these files and other university materials through a feature that set permissions for file access, according to a SmartFile case study.
Both VisionTech Angels and Elevate Ventures are based in Indianapolis. VisionTech first invested in SmartFile last year, according to the firm’s website.
“Funds coming from partners in the Midwest are important to us, as this strategy drives accountability,” John Hurley, co-founder and CEO of SmartFile, said in a prepared statement. “As growth continues, we’ll also look to expand our presence in both downtown Indianapolis and within the local tech community.”
