Bloomington Startup Completes Seed Funding Round
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Bloomington-based Folia has announced the completion of a $2 million seed funding round with about half coming from Indiana University-related investment programs. The startup developed a business annotation software platform to help with the editing of various documents.
According to the university, just over $1 million of the funding was generated through two of IU Ventures investment programs: the IU Angel Network and the IU Philanthropic Venture Fund.
Co-founded by IU alumnus Ravi Bhatt and retired U.S. Air Force Colonel Erik Coyne, the company’s platform helps to improve office productivity by eliminating a paper trail of documents. One of its products, iAnnote, allows users to read, edit and share documents on a tablet, while reducing digital security risks.
“Our customers are eager to reduce the economic and environmental costs of using paper,” said Bhatt, who serves as Folia’s chief executive officer “Regulated-industry and government customers are even more focused on this goal because paper workflows are susceptible to leaks and other security risks. With this investment, we will be able to engage more companies in the paperless movement and expand our marketing, sales and development teams.”
The company intends to use the funding to grow its local staff. It currently employs seven people but plans to grow to 40.
In making the investment, IU Ventures says this is the first time the two IU funding initiatives co-invested in the same round.
“We’re especially pleased to be making this investment in Folia, which is poised to take the next step in its development toward becoming an industry leader,” said Jason Whitney, vice president for venture development at IU Ventures and executive director of the IU Angel Network. “The company’s success and desire to further build its business in Bloomington are testament to the work so many of us are doing to keep our top talent in the state and help build successful new enterprises that create quality jobs for Hoosiers.”
Bhatt was nominated for the “Rising Entrepreneur Award” from the Mira Awards presented by TechPoint, the state’s initiative to grow Indiana’s technology ecosystem.
IU Ventures says Folia currently serves more than 1 million people, ranging from Wall Street investors and lawyers to students and Hollywood screenwriters.