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Lehi—eFileCabinet, Inc., the paperless document management company, has secured a $14M Series B funding round led by Palo Alto-based Allegis Capital and Salt Lake’s Signal Peak Ventures. The Series B funding round brings eFileCabinet total funding secured to $15M.
eFileCabinet’s 153,000 users include SMBs and enterprises in the accounting, financial services, insurance, medical and small government verticals. The company plans to invest funding into sales and marketing efforts, as well as strategic partnership and OEM opportunities.
“Companies across the board are adopting paperless solutions,” said Allegis Capital Managing Director Spencer Tall. “eFileCabinet provides a one-stop solution that lets businesses easily go paperless in a secure, compliant and affordable fashion. The fact that eFileCabinet’s growth history is so impressive along with a platform that is scalable from SMB to enterprise made this a very attractive investment.”
Available both on the cloud and on-premise, eFileCabinet automates the process of organizing and managing files. It acts as a central repository for all working and archived files, letting users securely manage, retain, route and share files. eFileCabinet is compliant with HIPAA, SEC/FINRA and FERPA, and integrates with office software including Salesforce, Microsoft Office and QuickBooks.
“Companies going paperless want to do more than simply place files in the cloud,” said Signal Peak Ventures Managing Director Ron Heinz. “eFileCabinet lets businesses choose from a suite of affordable, integrated services and software to put together a complete document management workflow. Users have no reason to look elsewhere—and that’s what makes eFileCabinet such a strong investment.”
“We’ve already seen incredible market traction across several verticals, and we couldn’t think of better partners than Allegis and Signal Peak to help take us to the next level,” said eFileCabinet President and CEO Matt Peterson.