Symform has closed a $4 million financing round led by Longworth Venture Partners. OVP, Symform’s original venture investor, also participated. As part of the financing, Longworth’s Nilanjana Bhowmik will join Symform’s board. Symform, of Seattle, provides backup and disaster recovery services.
Symform, Inc. (www.symform.com), the fastest growing company in the backup and disaster recovery segment, today announced the closing of a $4 million financing led by Longworth Venture Partners. OVP, Symform’s original venture investor, also participated in the round. As part of the financing, Longworth’s Nilanjana Bhowmik will join Symform’s Board of Directors.
“Symform’s unique cloud storage technology puts premium value on commodity hardware residing in millions of business locations worldwide while giving IT resellers a ‘must have’ offering for their SMB customers,” said Nilanjana Bhowmik of Longworth Venture Partners. “We love Symform’s disruptive market position and we’re confident in its future success.”
“Symform’s fundraising success is further validation of its business model,” said Mark Ashida of OVP Venture Partners. “Its disruptive and innovative technology implodes offsite data-backup models by offering an ‘all you can store’ service for one low fee rather than volume-based pricing. OVP is pleased to be working with Nilanjana Bhowmik of Longworth Venture Partners on their first investment in the Seattle area.”
The financing will bolster Symform’s strong momentum in building a worldwide channel for its products. With nearly 1,000 reseller Partners in N. America, Europe, and Asia/Pac, Symform continues to accelerate customer acquisition and shift resellers away from traditional online storage services. The company expects to double its growth in 2010.
The Symform Cooperative Storage CloudTM enables small businesses to implement a backup and disaster recovery solution that is more secure, ten times cheaper, and ten times faster than traditional online backup services. The company was founded on the realization that millions of small businesses have computers with an excess of inexpensive storage capacity, power running 24×7, and unlimited Internet bandwidth – especially nights and weekends. The Symform team has developed software that aggregates this relatively unreliable and un-trusted capacity over the Internet and transforms it into a secure and reliable global storage system. The heart of Symform’s software is a proprietary technology called RAID-96.
“Symform continues to deliver on its mission to protect the data of SMBs worldwide and we’re doing this with a dedicated and enthusiastic base of reseller Partners,” said Praerit Garg, President and Co-founder of Symform. “Version 2.0 incorporates key features and functions that our Partners have requested since our debut in October 2009. These are truly game changers for this market and we’re thrilled at the early feedback. It is exciting and rewarding to see that our vision, team, and execution continue to resonate with investors even in a tough capital climate. We look forward to working with Longworth and OVP, as our investment partners, to help propel Symform on its successful trajectory.”