Founders who have built one of the larger risk management startups are expanding a new company to take on another pain point in the work world.
SmartSuiteThe platform allows teams to collaborate on projects, build automation around the work, and search and access databases across a large number of applications.
The company said it grew 300% last year as it quietly raised 50,000 users from 5,000 businesses, including Apple Bank, Credit One Bank, UCLA, UCLA, Georgetown University, Blue Cross Blue Shield, Sunday Riley , Lyneer Sufforing Solutions, Datawatch, Datawatch, Datawatch, DataWatch, and UC Berkeley. Now, on the back of this growth, SmartSuite has announced a $38 million expansion.
SmartSuite announced the $38 million figure for the first time today, but the capital is investing in some batches.
Recently, the startup raised a $13 million Series A round led by Canapi Ventures, with Sorenson Capital and High Alpha participating. Prior to this, Smartsuite founders – husband duo Jon and Tara Darbyshire, and Peter Norville Pre-issuance in 2022then $14 million.
Derbyshires’ previous rodeo was Archer Technologies, their risk management platform Sell to EMC (now Dell) in 2010 for $200 million. Later, Archer More than $2 billion worth. Novosel is the third co-founder and CTO of SmartSuite, who joined Archer as a startup life and then worked with EMC/Dell for several years after the acquisition.
The Delbyshulls actually retired early after selling archers and moving from Archer, Kansas to Newport Beach, California (where Archer was founded), but they Discover that they still have a startup itch. So they connected with Novosel and returned to the world of work to find SmartSuite.
In addition to the funds that basically start a new business, Launching and Sales Archer helped three people in two key ways: They picked a strong list of corporate contacts and had one for the products that those businesses needed. idea.
As SmartSuite CEO Jon Darbyshire explains this in the process of building and operating Archer’s risk platform, he and his team have a deep understanding of the shortcomings of software and cloud services and how they work together.
Tools that manage how people work across applications have been around for some time, but Darbyshire found that end users often take fragmented approaches to using them.
“The customer has [for example] Different tools for sales, marketing, human resources and operations. They then use products like Zapier to build integrations between these tools. “He said. “It’s just a persistent headache and it’s necessary to put all the data in the business in one core position. ”
He said SmartSuite puts together three software use cases.
“Think about traditional project management tools like Monday or Asana. These are great for projects and tasks, but not everything in the enterprise is a task.” He quoted CRM, which may not be “tasks” or based on Project work.
Other tools, such as other tools, are designed to talk people to the work they do, but these tools have many shortcomings: A chat-led app can be very noisy and can be difficult to follow the clues of conversations.
“The second part is more process management, such as ServiceNow, etc. Then the third category is document management. Think of concepts, Google Docs or Microsoft Loop. So we incorporate these three core features into one platform.”
SmartSuite’s goal is to be a “platform that can manage any process” for a person or team.
To make it easier, SmartSuite builds 200 different templates for common workflows. The startup says it supports integration with about 5,000 applications that bring many possible competing alternatives, such as Slack, Microsoft, Google, Hubspot, Salesforce, Salesforce, Jira, Make and Zapier. The goal here is to enable more overall application access while allowing employees to use existing solutions.
The fact that SmartSuite can be used with the target-change tool might be a parameter against adopting it: Why add more software if you absolutely don’t need it?
The answer might be what kind of headache IT or compliance team chooses the face route.
Walker Fiphand, president and general partner of Canapi Ventures, highlights the platform’s ability to remove inherent complexities of complex processes such as governance, risk and compliance (GRC) from businesses and financial institutions. SmartSuite has counted many banks among its clients. Canapi is a fintech expert with more than 70 banks supporting it through the Canapi Alliance, so a fair bet on the financial services business is hoped to simplify how all of these software work together. One of the companies of Observation.
Darbyshire said customers have been using SmartSuite in different ways. Some run all the software and work through it, while others manage specific workloads such as cybersecurity, risk and compliance, or recruitment and staffing. SmartSuite uses AWS as its cloud provider “as a closed-loop system” for all documentation and other work on its platform.
Some new funds will be used for recruitment. Interestingly, all startups’ appeal so far has been achieved without a single marketing employee. “All the growth is viral, mainly through YouTube video content created by our partners,” he said, adding that about 600 videos cover different integrations and uses. The startup is now hiring a more formal marketing team.
