| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
The company's latest investment, which follows $31 million raised in three prior rounds, was led by FTVentures, a first-time investor in the company. Earlier investors, including Lightspeed Venture Partners, Azure Capital, Granite Ventures, and Cipio Partners also participated in the latest round. PSS, which says its business has grown rapidly with the increased use of electronic records in lawsuits, does not disclose its revenues, but claims about 50 customers, many of them Fortune 500 companies. To offer some sense for how the rise in electronic communications has upset the traditional processes for collecting evidence, PSS CEO Deidre Paknad says that about 97% of the evidence admitted into corporate lawsuits is now electronic, while just 3% is paper based. "It is an amount of information that has ballooned like crazy," she says. PSS' software is designed for use by corporations' general counsel offices to help them identify which electronic records may be relevant to different court cases. Paknad said most large corporations recognize the need for a software solution to assist in discovery of electronic records because they are typically dealing with hundreds or even thousands of lawsuits at any given time. While previous high-profile court cases involving the admission of electronic evidence have highlighted how this material can be almost impossible to delete, Paknad said it can still be hard to locate, even if it has not been destroyed. -- Andrea Orr See June 16 funding press release from PSS Systems
 Deal Video
    Community
 Elsewhere on The Deal.comDealwatchThe Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||||||||||||||||
| |||||||||||||||||||||||||
PSS Systems Inc.
