Australian tech company Nitro is aiming to break Adobe’s document-creation dominance and has received $US15 million ($17 million) in venture capital funding to drive an aggressive growth strategy.
This money, from US firm Battery Ventures, brings Nitro’s total funding to $US21.6 million and will help it to expand from 160 staff to 500 in a few years. Nitro chief executive Sam Chandler said the business had high growth potential in Asia.
“In the next three years we’re looking at how hard we’d like to go after the Asian markets,” he said.
Nitro software allows people to create, convert and edit PDF files. Its latest product, Nitro Cloud, allows people to collaborate and share documents in the cloud, including being able to request e-signatures. It is the software partner of computer manufacturer Lenovo, which is strong in Asia.
Mr Chandler said this partnership would help accelerate its growth in Asia. “So many Lenovo users are becoming Nitro users . . . we have the potential to access many millions of new customers,” he said.
Nitro was founded in Australia in 2005. In 2009 Mr Chandler moved the headquarters to San Francisco for better access to skills and venture capital.
The business has already expanded rapidly, in terms of staff numbers, in San Francisco in the past few years.
Read more in the Financial Review.