Symform Closes $4m Financing
Published On June 30, 2010 |
Symform, Inc., a Seattle, WA-based provider of backup and disaster recovery solutions to small businesses, closed a $4m financing.
The round was led by Longworth Venture Partners, with participation from OVP, Symform’s original venture investor.
In conjunction with the funding, Longworth’s Nilanjana Bhowmik (see photo) will join the company’s board of directors.
The financing will allow Symform to continue worldwide customer acquisition. The company currently partners with nearly 1,000 resellers in North America, Europe, and Asia/Pacific.
According to an official press release, the Symform Cooperative Storage CloudTM enables small businesses to implement a more secure, cheaper, and faster backup and disaster recovery solution.
Based on the assumption that 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 capacity over the Internet and transforms it into a secure global storage system. It is based on a proprietary technology called RAID-96TM.