Bloomington startup completes seed funding round – Inside INdiana Business

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(photo courtesy of Indiana University)

Bloomington-based Folia announced the completion of a $2 million seed funding round, about half of which came from Indiana University-related investment programs. The startup has developed a business annotation software platform to help in editing various documents.

According to the university, just over $1 million of the funding was generated through two IU Ventures investment programs: the IU Angel Network and the IU Philanthropic Venture Fund.

Co-founded by IU alumnus Ravi Bhatt and retired US Air Force Colonel Erik Coyne, the company’s platform helps improve office productivity by eliminating the 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 CEO. “Clients in regulated industry and government are even more focused on this goal as paper-based workflows are susceptible to leaks and other security risks. With this investment, we will be able to engage more businesses in the paperless movement and expand our marketing, sales and development teams.”

The company intends to use the funding to develop its local staff. It currently employs seven people but plans to expand to 40.

In making this investment, IU Ventures says this is the first time that both IU funding initiatives have co-invested in the same round.

“We are especially pleased to make this investment in Folia, which is poised to take the next step in its development to become an industry leader,” said Jason Whitney, Vice President of Business Development at IU Ventures. and Executive Director of IU. Network of Angels. “The company’s success and desire to further grow its business in Bloomington is a testament to the work many of us are doing to keep our top talent in the state and help create successful new businesses that create good 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 tech ecosystem.

According to IU Ventures, Folia currently serves more than one million people, ranging from Wall Street investors and lawyers to students and Hollywood screenwriters.

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