Symform, a Seattle, WA-based provider of secure cloud storage and backup service, has closed an $8m Series B financing.
The round was led by WestRiver Capital, with participation from existing investors OVP and Longworth Venture Partners. The company has also reserved up to $3m in the series to add a strategic investor in 2012, which will bring the total Series B round to $11m.
In conjunction with the financing, Erik Anderson of WestRiver Capital has joined Symform’s Board of Directors.
The company intends to use the funding for the continued growth and global expansion of its Cloud Storage Network.
Led by CEO Matthew J. Schiltz, Symform offers a global peer-to-peer network for data storage where users contribute excess local storage to the network in exchange for free or flat fee cloud storage.
In addition to the funding, the company also launched a new Advisory Board including:
– Jon Gacek, CEO of Quantum;
– Dimitris Achiloptas, Professor of Computer Science at the University of California Santa Cruz; and
– Grant Peterson, CTO and Vice President of Engineering at DocuSign.