Total funding raised by Symform, including today’s,  now stands at $5.5 million

Longworth Venture Partners joins with OVP to fund fast-growing Seattle startup

SEATTLE, WA – July 1, 2010 – Symform, Inc. (, 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 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 – 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 â„¢.

“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.”

About Longworth Venture Partners
Founded in 1999, Longworth invests in passionate entrepreneurs pursuing breakthrough ideas in emerging technology markets. With three funds under management, Longworth has a successful track record in taking companies from conception to category leadership in Systems & Infrastructure, Business & Consumer Internet and Digital Media. Longworth is based in Waltham, MA.

About OVP
For over 27 years OVP Venture Partners has led the drive into new, high-growth, complex-technology companies, with a concentration on the Pacific Northwest. OVP focuses on early-stage investing in three core sectors – IT, Biotech and Cleantech. Their extensive experience includes 52 successful exits – more than any other Pacific Northwest venture capital firm. OVP has over $750 million in capital under management and is currently investing its seventh fund. The firm has offices in Seattle, WA and Portland, OR. More information on the partnership is available

About Symform
Symform, a privately held company based in Seattle, is developing cost-effective solutions to large-scale distributed data management problems. Symform is dedicated to the belief that technology products built on the cooperative, decentralized principles underlying the Internet are inherently more affordable, dependable, scalable, and sustainable than centralized data-center-based alternatives.

Symform, Symform Cooperative Storage Cloud, RAID-96, and “You make the net work” 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 © 2007-2010 Symform, Inc. All rights reserved. Patents pending.

Media Contact:
Kevin Brown
(206) 973 7400

Related News:

Symform pulls in $4 million for cloud-based data backup service

Longworth and OVP Put $4M Into Symform, Raise Stakes in Cloud Data Storage

Cloud Storage Vendor Symform Reels In $4M In VC Funding

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