Symform pulls in $4 million for cloud-based data backup service |
Connect with TechFlash on our Facebook page for all the latest technology news headlines and commentary, plus information and access to special events, photos from events, promotions and more.
Today On Techflash
- Zillow, tech groups join companies heading to the White House
- One reporter joins TechFlash, and another takes vacation
- Fannie Mae expands online sales
- More turmoil for Yahoo: Chairman steps down
- TechNet study: Washington third in 'app economy' jobs
- Check out this app: Executives list the ones they use most
- Check out this app: Executives list the ones they use most
- Microsoft co-founder Paul Allen 2011's most generous living donor
- Keiretsu Forum NW invested $24 million in 36 startups in 2011
- Top Congressional stock picks: Microsoft beats Apple
- What women really want (online): MoonTango aims to deliver
- Renters, buyers (and lookers) continue to flock to Zillow
- Keiretsu Forum NW invested $24 million in 36 startups in 2011
- 'Fast Pitch Forum' to debut May 27 with some familiar names
- TechNet study: Washington third in 'app economy' jobs
- First a deal with Verizon; now Coinstar buys a competitor
- Coinstar, Redbox and Verizon: Here's what they aren't saying
- Buuteeq rounds up $3.5M to help hotels 'put heads in beds'
Mass High Tech
Symform pulls in $4 million for cloud-based data backup service
Symform has landed $4 million in new venture capital financing, with Longworth Venture Partners and OVP Venture Partners participating in the deal. Total funding in the company -- founded by former Microsoft employees Praerit Garg and Bassam Tabarra -- now stands at $5.5 million.
Symform has created an unique way for small businesses to implement cost-effective data backup services. It does this by operating a system where customers turn over unused storage capacity on their servers in exchange for online back up services.
This marks the first investment in the Seattle area for Longworth, an early-stage venture firm based in Waltham, Mass. As a result of the deal, Nilanjana Bhowmik of Longworth will join Symform’s board.
Symform plans to double its growth in 2010, with OVP's Mark Ashida saying in a release that the company has come up with a more attractive business model when it comes to data back-up and recovery services.
“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," said Ashida.
Here's more on the 12-person company from our story last year in which Garg goes into more detail on how Symform's Cooperative Storage Cloud works.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
TechFlash Team
Recent Sponsor Posts
Who's creating today's energy efficient buildings? Find out at the BetterBricks Awards, Feb. 16
BetterBricks Awards salute the individuals leading the way for high performance commercial buildings with an emphasis on energy efficiency. Join us as we recognize these standout green building professionals.
Award categories include: Advocate; Architect/Designer; Facility Manager/Operator; and Owner/Developer.
Keynote Speaker: Kevin Kampschroer, Director of U.S. GSA's Office of Federal High Performance Buildings. Kevin leads the U.S. General Services Administration's efforts in building sustainability and accelerating industry adoption of sustainable principles across all aspects of a building's life.
Register here by February 10!
If you are interested in buying a table, email Monica Alquist or call her at 206-876-5404.
The Triple Door Presents: The Atomic Bombshells "J'ADORE!: A Burlesque Valentine"
Seattle's reigning Burlesque super-troupe delivers a gorgeous and glittering VALENTINE featuring some of the Bombshells' most exhilarating acts to date. J'Adore! promises to celebrate l'amour with good humor, style, and a healthy dose of dazzle! Bring a friend, a lover, a family member, or a secret crush, and celebrate with the Valentine's Burlesque spectacular that will leave you shouting: "J'ADORE......The Atomic Bombshells!" The incomparable Jasper McCann emcees with high style and charm.
Please visit www.thetripledoor.net for a full schedule of future performances.
The Triple Door Presents: Bob Mould – See A Little Light: An Evening of Reading and Music
"Bob Mould. Those two words are synonymous with integrity. From Husker Du in the last century to right at this moment, Bob is the real deal, writing and playing music for music's sake. He's a great songwriter and performer. I have been a fan of Bob's for thirty years now with no end in sight." -Henry Rollins
Please visit www.thetripledoor.net for a full schedule of future performances.
Why Choose BDO for your SOC (previously SAS 70) Reports?
BDO’s experience in providing attestation services (SAS 70/SSAE 16, AT 101, AT 201, AT 601, etc.) to a broad range of industries, and our team of skilled professionals distinctly qualifies us to serve as your company’s Service Auditor. By leveraging the BDO global network of control specialists, we are poised to provide global services in more than 1,000 offices and across 119 countries. Many organizations find that investing in reports on controls may result in benefits, including:
• Increased client confidence
• Improved competitive advantage
• Minimization of frequent audits
• Streamlined business processes and controls
• Enhanced risk management
For detailed information contact Paul Martini at pmartini@bdo.com.
