TitanFile Secures Venture Capital for Product Roll Out

People will soon be able to transfer documents online more securely and easily with a new product created by a Nova Scotia company.

Through Innovacorp, the province has invested $250,000 in venture capital in TitanFile Inc. to help bring their new product to market.

"Innovative start-ups like TitanFile play a critical role in growing our province's prosperity," said Economic and Rural Development and Tourism Minister Percy Paris. "This investment supports the innovation and competitiveness priorities of jobsHere, our plan to grow the economy."

Members of the First Angel Network and other private investors are joining Innovacorp in this round of investment in the company.

Founded by Milan Vrekic and Tony Abou-Assaleh, TitanFile is a breakthrough in collaboration software that lets users organize and communicate information based on people instead of traditional files and folders. Users can easily group their contacts into real-time communications channels and then simply drag and drop files into the channel from various file sources.

Group members always have access to the most relevant and up-to-date documents for a more efficient, productive and collaborative workflow.

"TitanFile's progress to date, and its aggressive plans for future growth, make it an attractive investment," said Ken Lee, investment manager at Innovacorp. "We're really looking forward to the next stage of development for this team and business."

The new collaboration software builds on TitanFile's powerful encryption technology for easily and securely sharing documents inside and outside an organization, over the Internet. The software also lets users track and control how documents are used, and by whom.

TitanFile works on multiple devices, including personal computers and tablets. Unlike similar products, TitanFile users do not need to install special programs, configure computers, or add custom hardware.

"The majority of trial users became paying clients within days," said TitanFile co-founder and CEO Milan Vrekic.

Recently, TitanFile was selected by Atlantic Canada's two largest law firms, McInnes Cooper and Stewart McKelvey.

The product is now available as a free download on Apple, BlackBerry and Windows Mobile platforms and at www.titanfile.com.

Innovacorp, Nova Scotia's early stage venture capital organization, also invested $250,000 in TitanFile in 2011.

TitanFile Inc. is focused on creating better ways for people to communicate and collaborate without having to worry about security and privacy. The company was recently named in Branham300 as one of the Top 25 Canadian Up and Coming ICT companies, and was a finalist for this year's Manning Innovation Award. Last year, TitanFile Inc. won a Canada-U.S. Innovation Award from the United States Embassy and the Canadian policy think-tank Canada 2020, as well as a Cloudy Award in the category of People's Choice: Best Cloud Newcomer.