Reston, V.A.-based mobile organization and data analysis cloud software company, Canvas, is expanding. Bolstered by major domestic wireless carrier contracts from Verizon and Sprint, along with international giants Singtel, Telstra, CSL and Globe, Canvas has had over 100 percent YoY growth in revenue, clientele and customer interaction for several years, said CEO James Quigley. Canvas’ success in penetrating the high potential global data digitization market, will now enable the startup of 65 employees to grow its staff by 75-85 percent per year for the next 3 years, Quigley told DC Inno.
U.S. businesses spend $25-$35 billion each year on filing, storing and retrieving paper forms, according to the Gartner research company. Canvas develops products that help organizations replace paper forms and manual processes with mobile apps capable of sharing information in real-time.
Currently, approximately 30 percent of Canvas’ business comes through foreign accounts. The software is used in 65 different countries. Quigley mentioned that in the coming years he believes foreign business will account for closer to 50 percent of Canvas’ clientele base, noting that the Asia-Pacific region has become an especially vital market for Canvas.
Though Canvas’ most recent funding round came only 4 months ago, the company has amassed investor interest and it is considering a Series D round for early 2016. In total, they have raised $20.1 million through eight Rounds since being founded in 2008.
“Our market is truly global and not tied to any single vertical industry or horizontal use case. It's every business that captures information. As mobile penetration continues to increase, more and more people are realizing that capturing information is just as, if not more important, than simply storing data in the cloud. Internationally, we're seeing what has happened with mobile phones, happen with apps--people who went straight from not having a phone to mobile are going from not using any business software to using mobile apps, and we're capitalizing on this,” Quigley told DC Inno.
Along with its flagship mobile application, the SaaS company offers a mobile business application store, which allows businesses from diverse industries to find mobile forms specific to their needs. In terms of its marketing efforts, Canvas’ CEO said that close to 95 percent of his businesses outreach happens organically — by word of mouth and customer recommendations.
Large brands like Pepsi and Redbull are already integrating Canvas’ software. In December, the company raised its most recent funding round; a $9 million venture round led by Camber Creek, Osage Venture Partners and River Cities Capital Funds. Quigley said,“Our Board has changed over time. Currently, we have two investors (One from River Cities Ventures and one from Osage Venture Partners) and two leaders from the company. We are also currently seeking an independent fifth seat.”
“For us it is all about introducing new potential companies to our brand and for them to try it. We know what happens when organizations of all shapes and sizes try our service - it becomes mathematical. Continued investment in marketing, sales and channel growth through our Business Development team will be key to our ongoing growth rates staying high,” said the Reston-based CEO.
Side by side, the paper we've saved could go from DC to Rome! See more in our #infographic http://t.co/UrkqNQ1jdK pic.twitter.com/9C6jnYtAsc
— Canvas (@GoCanvas) December 11, 2014
Every Canvas app is customizable. Users are able to incorporate functionality such as GPS, image capture, dispatch, barcode scanning, electronic signatures, push notifications and access to business data, to their Canvas accounts so as to better organize their data.
Regarding Canvas’ future product directive, Quigley said,“We are working on some amazing new ways in which our subscribers can visualize all the massive amounts of data they collect with our service. We are looking forward to launching the first versions of these offerings very soon.”
In the coming months, Canvas will look to hire top talent as it also expects another office move around October. They are currently in negotiations to secure a larger office space while remaining in the Reston, V.A., area. “We're hiring for just about every team-product, sales, marketing, etc. One thing we really look for is people who fit our culture. We believe in giving people the freedom to get things done, but that they should also have accountability for their key metrics, think and act like owners of our business and be able to work in a flat structure.”
