For the past five years, Monica Enand has built a successful business selling legal software to Fortune 500 companies. But now she wants to take it to the next level, and has a nice chunk of cash to make it happen.
Portland-based Zapproved today announced a $15 million funding round led by K1 Investment Management. The startup officially raised the money in June, and used the funding in part to develop two new products — both of which debut today.
Zapproved already offers a cloud-based software solution called Legal Hold Pro that helps corporate legal departments comply with rules and regulations during litigation with tools that automate, track, and manage collections requests.
Today, Zapproved is launching two new products: Data Collect Pro and Digital Discovery Pro. For companies that need to collect data required by the legal system, Data Collect Pro helps them do so remotely, and without disturbing metadata.
Enand explained how locating and securing that data has gone from a “problem of 10 boxes of paper to terabytes of enterprise data that lives in all different places.”
“The current solutions don’t handle the growth of big data,” she said. “We’ve taken our partnership with Amazon Web Services and leveraged the cloud to solve problems around collection and data processing.”
Digital Discovery Pro, meanwhile, helps companies quickly comb through and analyze that data. Enand noted how with the influx of data over the past few years, companies are having to pay more and more to lawyers to locate the needed information.
“This narrows down the set of data that actually needs to be looked at by an attorney,” she said.
Enand said Zapproved’s competitors make a lot of money charging to examine data on a per-gigabyte basis, which can get expensive with the growing amounts of information. “For corporations, this is unsustainable,” she noted.
Moreover, Enand said that the large amounts of data is “gumming up our justice system.”
“Companies can’t efficiently get justice,” she said. “That’s what America is all about — protecting investors, inventors, and consumers. With these mechanisms in our justice system, that’s being threatened.”
Enand said that her company is on a “completely different trajectory” with the new funding and new products.
“We know companies spend a lot of money on litigation, and we know the existing tools and landscape don’t solve a problem and won’t going forward,” she said. “Bringing our two new products to market will dramatically increase our growth.”
Zapproved had previously raised $2.5 million from angel investors, including Concur CEO Steve Singh, former Pixelworks CEO Allen Alley, former Attenex CEO Skip Walter, and others. The company employs 50 and will move into new offices in Portland’s Pearl District in March.