Monday, May 19, 2008

Mimosa Receives $17 Million in Funding

Archiving specialist Mimosa has scored $17 million in funding to expand its global presence and overhaul its NearPoint software.

The round, which was led by Focus Ventures, also included August Capital, Clearstone Venture Partners, and Mayfield Fund. It brings Mimosa’s total funding to $51.5 million.

“We’re using this money primarily for global expansion,” says T.M. Ravi, the Mimosa CEO, explaining that the vendor will be targeting the U.K., Germany, China, Australia, and Japan. “It’s to add sales, pre-sales support, and professional services staff in all regions.”

As part of this effort, Mimosa will add up to 45 employees to its 185-strong workforce by the end of the year, according to the CEO.

The vendor is also planning to open up its NearPoint offering to third-party applications later this year. By opening up the software’s APIs, T.M. Ravi expects to boost the product’s ediscovery capabilities.

“There’s literally 50 to 75 product and services vendors in ediscovery,” he says, explaining that this ranges from content analysis to legal case management. The exec would not reveal which vendors will be part of this effort, although potential candidates could include the likes of Kazeon, which recently introduced software for early case and risk assessment.

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