SpringCM, a content Cloud services vendor, has received $18 million in funding from existing investors including Foundation Capital as well as new financial partners including Square 1 Bank and Fort Worth, TX-based Goff Capital.
SpringCM will utilize the funding to scale its direct sales and channel efforts to address the growing demand from enterprises for cloud services. It has around 400 customers at present.
Revenue of SpringCM is growing due to several drivers: salesforce.com customers seeking to extend their investment in the Salesforce platform, enterprises migrating from legacy Enterprise Content Management (ECM) systems and the explosion of mobile.
In future, there will be more demand for SpringCM content cloud services.
The company says that there will be continued demand from salesforce.com customers for content intensive and process intensive applications.
Regulatory mandates, particularly in healthcare and government will prompt enterprises to opt for SpringCM content cloud services.
In addition, move by enterprise IT organizations to restrict employee use of consumer-class Content Cloud Services in favor of services from SpringCM which offers enterprise-class content management features and security will drive growth.
Greg Buchholz, founder and CEO at SpringCM, said: “As the only provider of Content Cloud Services built for the enterprise from day one, we have a unique opportunity to advance this green-field market to levels unattainable by simple file sharing services.”