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Total funding raised by Symform, including today’s, Â now stands at $5.5 million
Longworth Venture Partners joins with OVP to fund fast-growing Seattle startup
SEATTLE, WA â€“ July 1, 2010 â€“ 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, Longworthâ€™s Nilanjana Bhowmik will join Symformâ€™s Board of Directors.
â€œSymformâ€™s unique cloud storage technology puts premium value on commodity hardware residing in millions of business locations worldwide while giving IT resellers a â€˜must haveâ€™ offering for their SMB customers,â€ said Nilanjana Bhowmik of Longworth Venture Partners. â€œWe love Symformâ€™s disruptive market position and weâ€™re confident in its future success.â€
â€œSymformâ€™s fundraising success is further validation of its business model,â€ said Mark Ashida of OVP Venture Partners. â€œIts disruptive and innovative technology implodes offsite data-backup models by offering an â€˜all you can storeâ€™ 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.â€
The financing will bolster Symformâ€™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 Cloud â„¢ 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 â€“ 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 Symformâ€™s software is a proprietary technology called RAID-96 â„¢.
â€œSymform continues to deliver on its mission to protect the data of SMBs worldwide and weâ€™re doing this with a dedicated and enthusiastic base of reseller Partners,â€ said Praerit Garg, President and Co-founder of Symform. â€œVersion 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 weâ€™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.â€
About Longworth Venture Partners
Symform, Symform Cooperative Storage Cloud, RAID-96, and â€œYou make the net workâ€ are trademarks of Symform, Inc. References to other companies and their products acknowledge the trademarks owned by their respective companies and are for reference purposes only.
Copyright Â© 2007-2010 Symform, Inc. All rights reserved. Patents pending.
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