Cloud Storage Startup Bitcasa Secures $7M

Bitcasa, a Mountain View, Calif.-based cloud storage company founded by former MasterCard and Mozy employees, has raised $7 million in its Series A funding round. Pelion Venture Partners, an existing investor, and Horizons Ventures, a new investor, co-led the round, with participation from Andreessen Horowitz, First Round Capital, CrunchFund and Samsung Ventures. The startup, which promises infinite storage capability for users, has now raised $9 million in total capital.

PRESS RELEASE

BITCASA RAISES $7 MILLION IN SERIES A FUNDING

“Infinite Storage” Beta Program is Now Open to All Users

Mountain View, Calif. – June 20, 2012 – Bitcasa, the cloud storage company that integrates infinite storage, sync, backup and share into desktops and across devices, announced today that it has raised $7 million in its Series A funding round, bringing the total funding to $9 million. Pelion Venture Partners, an existing investor, and Horizons Ventures, a new investor, led the round, with Andreessen Horowitz, First Round Capital, CrunchFund, and Samsung Ventures participating. Funds will be used to further accelerate the company’s impressive growth, shorten the time-to-market for upcoming storage and data management offerings, and expand sales and marketing. The company’s service offering is also now officially in open beta, and users can sign up at http://www.bitcasa.com.

In the past few months, Bitcasa users in 120 countries saved more than 4 petabytes of data and uploaded more than 1 billion files to Bitcasa. The service uses client-side encryption, compression, and deduplication technologies to seamlessly integrate infinite storage into all of the devices. Users can now store, sync, backup and send infinite amounts of data without having to worry about management and capacity constraints. During the beta program, they can take advantage of the service for free; after beta, they can continue the access to infinite storage for only $10 a month.

“As the seed investor, we have been impressed with Bitcasa’s efforts to solve the storage challenges that consumers and small and medium businesses face,” said Carl Ledbetter, managing director at Pelion Venture Partners and a Bitcasa board member. “Bitcasa’s infinite storage solution solves space, management, and security challenges for today’s users and has been well-received by the tens of thousands who have tried the service during its beta period. Bitcasa’s solution goes far beyond services that provide only backup, synchronization, or large file sharing or movement; Bitcasa is the first and only service that provides unlimited storage of all of a user’s files in the cloud, making the cloud-based virtual desktop a reality. This is the way we will all connect to our online, tablet, mobile, and PC-based environments in the near future, and Bitcasa is the defining step. ”

“I am glad to see the continued commitment of our initial investors, as well as the involvement of our new investors,” said Tony Gauda, co-founder and CEO of Bitcasa. “This funding round shows that our investors recognize the potential that we have in this market and have been pleased with our progress. It is exciting to see the users’ increased adoption of our infinite storage solution that helps them store and share more data than they could have ever imagined. We are working on more amazing features and are currently looking to bring on great talent to join our team.”

About Bitcasa
Founded by former MasterCard and Mozy employees, Bitcasa is changing the way consumers and SMBs are storing their data today. By using client-side encryption and encrypted deduplication techniques, the Bitcasa virtual storage model integrates infinite storage, sync, backup and sharing across all of the devices for only $10/month, offering users as much storage as they need in the cloud without the hassle of managing local storage. Learn more: www.bitcasa.com, www.twitter.com/bitcasa, and www.facebook.com/bitcasa.

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