Memeo Inc., an Aliso Viejo, Calif.-based provider of digital life management solutions for the consumer and small business markets, has raised an undisclosed amount of Series B funding led by the Foundry Group. Ryan McIntyre, a co-founding managing director of Foundry Group, will join the Memeo board of directors.
Memeo Inc., a leading worldwide provider of digital life management solutions for the consumer and small business markets, today announced that it has received a Series B round of funding led by the Foundry Group. In combination with a recent investment from G-51 Capital, the latest round of funding underscores the market demand for simple solutions that reduce the time and effort needed to backup, sync, and share the ever increasing amount of digital content such as photos, music, video, and documents.
Memeo received over $8.1 million in equity funding. Although the company is profitable, it will use the additional capital to boost its market position, expand its team, build distribution channels and enhance product innovation and development.
“In the past four years, Memeo has evolved into a prominent player in the global data management software and services market. The investment by Foundry is a testament to the market potential and Memeo's leadership position in that market,” said Hong Bui, CEO of Memeo. “This second round of funding will allow us to continue to increase market share and provide innovative content management solutions that offer unmatched simplicity, reliability and value.”
In addition, Ryan McIntyre, co-founder and Managing Director at Foundry Group, will also join Memeo as a member of its Board of Directors. McIntyre co-founded Excite in 1993, where he held the position of Principal Engineer and was a key contributor to the company's search engine, content management tools and community and shopping sites. After leaving Excite in late 1999, McIntyre joined Mobius Venture Capital, where he was an early investor and board member in pioneering consumer electronics company Sling Media and email security company Postini.
“Memeo has proven it's an industry leader through its success, product excellence and the strength of its partnerships,” stated Ryan McIntyre, managing director and co-founder of Foundry Group. “Memeo's exceptional management and constant commitment to providing its customers with a new way to simplify digital content management is the foundation to the company's success. We are excited to work with Memeo to take it to the next level.”
Industry leaders such as Toshiba, Western Digital, Buffalo Technology, Seagate, D-Link and ZyXel have entered into longstanding partnerships with Memeo, which further demonstrates the company's position as an innovator and market leader.
Memeo's LifeAgent suite of robust and feature-rich data management solutions provide consumers and businesses with a new way to backup, sync, and share their digital lives. LifeAgent AutoBackup for PC users backs up new or changed files automatically to almost any backup device, such as an external hard drive, USB flash drive, networked computers or hard drive, and online storage account. Similar to how Apple integrates backup capabilities into its Leopard OS with Time Machine, Memeo's Back-In-Time feature allows Windows XP and
Memeo, Inc. based in Aliso Viejo, CA, is a privately held software company backed by venture firms G51 Capital and Foundry Group. Founded in 2003 in an effort to capitalize on the rapid move towards a digital world from everything from finance to photography and music, Memeo developed its LifeAgent line of digital content management solutions to give consumers and businesses alike a better way of protecting, managing and sharing digital, portable files and make them universally accessible. For more information on Memeo and its products, please visit www.memeo.com.