E-discovery software development company kCura has raised $125M from ICONIQ Capital, a San Francisco-based investment firm that holds Facebook's Mark Zuckerberg and Twitter's Jack Dorsey as clients.
The formerly bootstrapped company told Built In Chicago they were waiting to find the right investor. "We wanted to work with a company that understands the long-term," Director of Marketing Communications Shawn Gaines said. "They're allowing us to be automomous and we're just really excited to begin working with them."
Gaines said they'll be using the new infusion of capital to improve the product, bolster their support service system and hire new developer talent.
kCura’s flagship product Relativity is an e-discovery application that helps law firms and other organizations search, analyze and review electronic information needed for litigation. It’s an impressive example of Chicago craftsmanship that is solving huge problems on an equally huge scale: managing large amounts of digital information. Relativity has more than 100,000 active users worldwide from organizations including the U.S. Department of Justice and 195 of the AM Law 200.
"Our industry is evolving rapidly—it's no longer a boutique business—and remaining competitive will require an extensive amount of resources," Andrew Sieja, president and CEO of kCura said in a statement. "Our customers want a single technology platform that offers best-of-breed technology in every phase of the e-discovery process, as well as for internal investigations and compliance. At the same time, they're dealing with increasing volumes of electronic information, and need progressively smarter, easier ways to get a better understanding of that data. We want to continue delivering that for them."
The company has grown over 1,600 percent since 2008 and made 152 hires in 2013 alone. Currently, kCura has over 25 open positions, about 40 percent of which are in product development.
kCura won the award for “Best Enterprise Web Company" at the Moxie Awards and received the 2014 Merrick Momentum Award.
“It’s exciting to be in a challenging industry where our team has the opportunity to tackle unique problems that improve our users’ experience in our software,” Sieja said in a previous interview with Built In Chicago. “Chicago has been a great place to build our business - and we’ll work hard to keep up the awesome momentum.”
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