Scanning for small and medium-sized businesses just got a boost today.
The Neat Company, which started out in 2002 as a group seeking to improve management of expense report receipts, just raised $7.3 million to continue its expansion into a business that provides complete hardware and software solutions for businesses paper-scanning needs.
This latest round of venture capital funding was led by return investor, Edison Venture Fund, an investment team focused on helping information technology businesses expand. MentorTech Ventures also contributed to this new round of funding.
With previous investments made to PlumChoice, provider for online computer support for both home and business markets, and to Formatta, creator of e-form solutions for the capturing of electronic data, Edison Venture Fund has proven its dedication to the IT field through a wide variety of avenues.
In raising this new round of funding, the Neat Company is proving its products and services still make very good financial sense.
The Philadelphia-based company offers a complete line of premium scanner and software solutions for both PC and Mac users, each with a unique purpose in mind.
NeatReceipts is a mobile scanner device aimed at scanning small documents like receipts and business cards. NeatDesk is similar to the former, but designed as a full desktop scanning system. All of the Neat Company’s products come with its NeatWorks scanning software, which could be an extremely useful product for businesses, as it features sophisticated parsing technology and includes a full-fledged database for organizing scanned files.
According to Edison Principal Michael Kopelman, Neat sold almost half a million of its units in just five years (thus the optimistic investment). The Edison Venture Fund now has a total of $13 million invested in the company.
The funds raised will be used to expand two key departments for distribution—sales and marketing—while also aiding further product development.