Broncus Invests In Its Future: Innovative Medical Company Turns to the Cloud to Simplify the Document-Intensive Due Diligence Process
For Broncus Chief Operating Officer Gary Kaplan, pursuing funding requires the management of a large number of documents which often need to be customized for each investor involved in due diligence. For example, the recent request from just one potential investor included 120 items, many of which were unique to that company’s needs. With requests coming in constantly, Kaplan found himself overwhelmed by the sheer volume of documents he needed to keep track of on a daily basis.
Broncus Technologies was founded in 1997 with the goal of developing and commercializing minimally-invasive medical devices for lung diseases. The private, venture-backed company has already brought two product lines to market and has raised more than $100 million from leading venture firms. However, for a fast-growing company in a difficult fundraising environment, raising funds for their latest advancements is always mission-critical—and incredibly time and document intensive.
The Challenge: Too Many Documents, Too Little Time
“It was becoming increasingly difficult to manage multiple companies’ due diligence processes via email not only because it was unwieldy but because I also needed to keep a record of every single email,” said Kaplan. “I tried a simple FTP server solution but that was too unorganized and didn’t offer an easy way to manage files. I knew I needed a cloud-based solution that could let me not only keep all my files in one place but would let me manage them and interact with my potential investors.”
The Solution: Personalized Information, Instantly Shared
Kaplan discovered YouDazzle, the first company to combine simple online file sharing with web meetings for professionals of all shapes and sizes. He was attracted by YouDazzle’s unique data rooms, which allowed him to move file sharing out of email and into the cloud. The data rooms, which can be custom branded and offer the highest levels of data encryption and security, gave Kaplan a place to store all the due diligence items that a specific investor might need, allowing him to easily add documents, be they Word documents, large videos, or web links, as soon as a suitor requested them, a responsiveness which is key when working with potential investors’ often short timelines.
“I love the fact that I can create an endless number of data rooms, customized for each specific party with our branding,” Kaplan said. “The ability to copy and rename folders has also meant that we don’t have to reinvent the wheel each time we start a new data room. Reordering files is simple and elegant, as is the overall branded room experience. I really appreciate the fact that I can see exactly what the room looks like to my visitors as it helps me optimize the experience.”
Kaplan found it simple to get up and running on YouDazzle because of its intuitive interface and numerous built-in “hints” to help along the way. He has had no complaints from any of the potential investors—including that company which requested 120 documents. “With YouDazzle, it was really easy to get started,” Kaplan said. “I simply uploaded and organized all of the files and sent the company to its own personalized data room, which gave them all the requested information with a nice indexed list. With YouDazzle, no one has to search—they can just look at the clear list of documents and go right to what they need. It has made my life much easier.”
YouDazzle’s security features were also critical due to the extremely sensitive nature of the materials being shared. Kaplan felt much more secure because of YouDazzle’s 256-bit encryption and redundant storage with real-time back-up.
The YouDazzle notification system has also brought Broncus an unexpected competitive edge in that they are able to see who views each file and when it was viewed, giving Kaplan a great sense of where companies are in their due diligence process and what they might need to move them along. With YouDazzle notifications, users can choose to get real-time, daily, or no notifications whenever a file is viewed or downloaded.
Kaplan plans on expanding Broncus’ use of YouDazzle, including its instant web meetings, which are 100 percent browser-based, require no downloads, and work with the full array of computers and devices.
“There are many ways that YouDazzle can help our overall business,” Kaplan said. “For example, one of our products utilizes CT scans, which are very large files. To be able to post these files to a data room and then hold instant web meetings to discuss findings would be really helpful. The basic fact is that there is no other way as practical as YouDazzle to share information. We look forward to expanding our use of YouDazzle in the years to come.”
YouDazzle empowers companies of all shapes and sizes to share information with colleagues, customers, and prospects easily, securely, and professionally. To sign-up for a free 14-day trial, please visit youdazzle.com.