Symform raises $11 million in series B funding

SEATTLE, USA: Cloud storage provider Symform announced a Series B round of financing for its cloud storage network. Led by WestRiver Capital, the series also includes full participation from existing investors OVP and Longworth Venture Partners.

The company has closed $8 million and reserved up to $3 million in the series to add a strategic investor in 2012, bringing the total Series B round to $11 million. As part of the investment, Erik Anderson of WestRiver Capital joins the Symform Board of Directors.

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Symform has active users in 138 countries, up from 46 at the end of 2011. In the first quarter of 2012, the company grew customer accounts by more than 100 per cent quarter-over-quarter, while the number of devices and data files stored on the Symform network jumped by more than 50 per cent during the same period, says a release.

Also today, Symform announced the launch of a new Advisory Board featuring 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 among others.

"Symform is a fundamentally superior way to store data in the cloud, and our continued strong growth and access to growth capital further validates that Symform is uniquely positioned to permanently disrupt the global cloud storage and backup market," said Matthew J. Schiltz, CEO, Symform. "We have an amazing team of employees, investors and advisory board members who are building Symform into a global standard for cloud storage and backup."