Software startup airSlate Inc. has doubled its total funding to date and hopes to bring in additional money in the coming weeks.
The Brookline-based company, which has 17 employees in Massachusetts, said Tuesday it has raised $40 million in a new investment.
"What we saw was a great partner in Morgan Stanley Expansion Capital and HighSage," CEO Borya Shakhnovich, 41, said in an interview. "They have deep experience in the space and have had significant track record of success in the space as well."
He added, "We are in the midst of closing a $50 million round from Silicon Valley Bank that is yet unannounced."
Eveline Buchatskiy, a vice president for special projects at airSlate, said that the announcement of the Silicon Valley Bank investment will come out "probably within two to three weeks."
General Catalyst, Morgan Stanley Expansion Capital and Boston-based investment firm HighSage Ventures participated in the round, which brings the company's total funding to $80 million.
Immigrant-owned
Shakhnovich and Chief Product Officer Vadim Yasinovsky, both immigrants from Eastern Europe, co-founded the company in 2012.
Massachusetts was home to over 71,300 immigrant entrepreneurs and almost 169,000 employees at immigrant-owned firms in 2018, according to the most recent data reported by research and advocacy organization New American Economy.
airSlate provides a software-as-a-service platform that allows businesses to automate document-related tasks, but also interactions with customers or employees. Schools and colleges use the software to automate their registrar office and allow students to register for or drop classes, for example.
Customers include New England energy provider Eversource Energy (NYSE: ES), which has been a customer since June 2020, and the government of Australia, which uses the software to automate the delivery of electronic documents in response to Freedom of Information Act requests, according to Shakhnovich.
Shakhnovich said he expects the company to grow between 20% and 30% in overall headcount over the next year and a half or two. Currently, 825 people work for airSlate, which has offices in California, Mississippi and other locations.
"The primary use of capital is going to be in expanding ... our product portfolio and building new competitive capabilities, as well as in partnering with others that can help us in delivering this product in the global market," Shakhnovich said.
2020 Year in Photos
Signs on Sip Cafe, in Boston’s Financial District, show the moving target for reopening.
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RNs and other Mass General Hospital employees wait on line at Harvard Gardens which provided a complimentary lunch to all MGH employees on Wednesday, April 1.
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Dozens protest the killing of Black men and women by police at Faneuil Hall. Led by members of the Boston Men’s Dinner Group, dozens held signs as they gathered in peaceful protest.
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The Cambridge Innovation Center, through its subsidiary, CIC Health, has opened a drive-through Covid-19 testing site at Newton’s Riverside MBTA station. It is the latest step in the company’s sudden transformation from a provider of co-working space to coronavirus testing.
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Outdoor dining came to Boston’s North End, where restaurants and cafes were allowed to set up dining areas on the streets and sidewalks. Diners were served drinks along Hanover Street.
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Jenn Shimer, general manager and buyer for The Wine Emporium, in Boston’s South End, and Dan DiStefano, deliver wine ordered on Drizly to South End homes on their Onewheels. Drizly is an online platform that allows customers to order wine, beer and other alcoholic beverages and have them delivered on their doorsteps.
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A man wears a Boston hat and mask for protection in Boston's Haymarket area.
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Boston Mayor Marty Walsh walks away after a press conference outside City Hall in the earliest days of the pandemic.
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A masked woman rides an MBTA Green Line train with many open seats traveling along Commonwealth Ave., in Allston.
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Lion's mane jellyfish maneuver in their New England Aquarium tanks as a worker wipes down surfaces with disinfectant.
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The Marriott Long Wharf, where state officials say coronavirus started rapidly spreading in Massachusetts due to a Biogen conference.
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Harvard University students are supplied with boxes to pack up belongings after being told not to return after 2020's spring break due to the threat of coronavirus.
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Parking spots and seats on the MBTA ferry, bound for Rowes Wharf from Hingham, were plentiful earlier this year.
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Messages of appreciation and caution fill the marquee of the Paramount Theater in Downtown Crossing.
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A sign above an empty Southeast Expressway warns Boston drivers as the threat of coronavirus has closed all but essential services.
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Normally packed with pedestrians and outdoor diners on a gorgeous spring day, outdoor patio furniture at Newbury Street restaurants was stacked up early in the pandemic.
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Outside Fenway Park, masks were placed on the sculpture “Teammates”.
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From the perch of a window, a woman observes activity below on Hanover Street in Boston’s North End.
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At South Cove Manor Rehabilitation Center in Quincy, healthcare workers wear protective suits as they test the entire staff of employees for Covid-19.
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Dino Funari, Vitamin Sea Brewing co-founder, fulfills customers take out orders. As coronavirus hit, he shifted his business to be one entirely focused on takeout sales.
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Jill Tate, a partner at Corinthian Events, who arranges and holds corporate events for clients, has been hit hard by coronavirus shut downs. In mid-February, her daughter Annie, 20, a gifted athlete and Suffolk University Dean’s list junior passed away.
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Caffe’ Paradiso, a 58-year-old Italian café located in Boston’s North End is owned by Adriana De Stefano. The cafe, which was forced to pivot to takeout-only service during the pandemic, was started by Adriana’s mom and dad Antonio and Antonietta De Stefano, who moved to Boston from Avellino, Italy, in 1962.
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Dr. Eric Dickson, President and CEO at UMass Memorial Health Care, worked with Covid-19 patients each Sunday in a supplemental field tent just outside the ER at UMass Memorial Medical Center.
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Peter Stefan is funeral director of Graham, Putnam & Mahoney Funeral Parlor, located in Worcester. The funeral parlor has become known as the place that will take the unwanted dead, originally under the direction of its founders, and for the last several decades under the ownership of Peter Stefan. Peter also has over 370 people in his basement (including small boxes of the ashes of children), where he leaves a light on at all times to honor them.
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A banner along the Mass Pike at Fenway Park carries a message of support on Opening Day.
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Workers for ABM Industries sanitized the MBTA's Back Bay station during business hours to help prevent the spread of Covid-19.
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The Zakim Bridge is nearly empty of travelers during an afternoon rush hour.
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Gables Residential Development Director Joseph G Shea takes in a view from the roof of Gables Seaport, a new luxury apartment complex on Congress St., in the Seaport. The area continued to see development as the pandemic raged, with developers planning more lab space.
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Helen Boucher, chief of infectious diseases at Tufts Medical Center, is vaccinated by RN Morgan Giarusso. Tufts received 2925 doses of the Pfizer Covid-19 vaccine on Tuesday, Dec. 15.
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Reassuring messages were hung on Adirondack chairs along Beach Ave., in Hull.
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