UK-based Preservica, which safeguards digital information, has secured about $3.8 million in funding. The investor was Moebeus Equity Partners.
Oxford, UK and Boston, MA | 19 December 2016 | Preservica is changing the way companies and organizations worldwide safeguard digital information. Having secured £3 million (approximately $3.8 million) in growth funding from Mobeus Equity Partners, the company plans to accelerate the uptake of its digital preservation software which is already in use at over 100 large and small corporate and public sector organizations, including the Associated Press (AP), Yale University, New York’s Museum of Modern Art (MoMA), BT, HSBC, Transport for London (TfL), and 16 US State Archives.
Safeguarding digital information against obsolete technology – Mike Quinn, CEO, Preservica Demand for Preservica’s software, which protects and future-proofs digital information, is being driven by digital transformation initiatives and the need to keep digital information for longer for compliance, legal defense, and knowledge reuse.
Digital content is fragile and can be easily lost – or worse – stored in formats that become obsolete and can’t be used. Technology analyst firm Gartner highlighted this in its 2015 Content Management report1: “As formats change, software is retired and hardware becomes obsolete, the data that organizations might want to keep can be lost forever.”
Preservica’s unique active digital preservation software addresses this challenge head on; ensuring digital content is not just securely stored, but also automatically translated into formats that can be used and read by future applications and technologies.
“Preservica is a unique technology company with strong vision and an impressive set of customers,” says Trevor Hope, Partner, Mobeus Equity Partners. “The company has an ambitious plan for growth and a product vision that is transforming the way organizations protect and future-proof digital information. This is a disruptive offering, well matched to a vast and growing unmet market need.”
“Our current product offering is already recognized as the gold standard for digital preservation at major corporations and institutions worldwide,” says Mike Quinn, Preservica CEO. “Everyone at Preservica is delighted by the investment and support we’ve received from Mobeus Equity Partners. It is a real validation of the potential of the business and the growing demand for a digital preservation solution that enables organizations to protect the value of their vital digital information. The funding will allow us to expand our partnering program and accelerate our product vision to make digital preservation a seamless and automated part of the digital information lifecycle.”
The value of safeguarding digital information cuts across every sector and has wide ranging benefits. HSBC, which recently celebrated its 150th anniversary, uses its rich repository of digital material to enhance the value of its brand and protect vital corporate records.
Other organizations such as Transport for London are using Preservica’s platform to work with digital information that is key to maintaining its vast infrastructure, including escalators with an expected life span of 50 years or more. Government agencies, like the Texas State Library and Archives Commission use Preservica to comply with the mandate to retain and provide transparent citizen access to government records indefinitely.
The list goes on from clinical trials data in the pharmaceutical sector, to environmental impact records for large construction projects, to regulatory compliance in financial services and energy sectors. Companies in the healthcare sector are looking to invest in digital preservation to meet accessibility of patient data for 75 years or more, while other organizations are looking to protect intellectual property and reuse research data and digital information for product innovation and competitive advantage.
The cloud also has an important role to play as more organizations adopt a “cloud first” approach and leverage the cost-efficiencies and inherent durability of cloud storage for safeguarding digital information. Preservica’s digital preservation software is architected to take advantage of this, allowing organizations to run the software in the cloud or use a hybrid mix of cloud storage connected to an on-premise deployment. Expanding the company’s partnership with Amazon Web Services (AWS) is also a key part of its growth plan.
1 Gartner “Cool Vendors” in Content Management 2015
Preservica is a world leader in digital preservation technology, consulting and research. Our active preservation solutions are used by leading businesses, archives, libraries, museums and government organizations globally, to safeguard and share valuable digital content, collections and electronic records, for decades to come. These include many European national archives and Libraries, 16 US State Archives, Yale University, and HSBC, to name a few.
Available on-premises and in the cloud, Preservica’s award-winning digital preservation and access software is a complete, standards-based (OAIS ISO 14721) trusted repository that includes connectors to leading Enterprise Content and Records Management systems to ensure long-term usability, trustworthiness and preservation of vital digital records, emails and content.
About Mobeus Equity Partners
Mobeus is a leading small-cap investor which invests up to £15 million into UK-based companies across all sectors.