Symform records 800 pc increase in user base

SEATTLE, USA: Symform, a cloud storage and back-up service, announced it has exceeded its growth projection for 2011, achieving an 800 per cent increase in its user base over the last six months, a 60 per cent quarter-over-quarter gain in licence revenue, and more than doubling the number of registered channel partners.

Over the last year, Symform's Global Cloud Storage Network has expanded, with users in 46 countries storing over 2 billion data packets. The company also received a second patent for its peer-to-peer data storage network, and secured an additional $2 million investment from WestRiver Capital, rounding out Symform's Series A funding to $7.5 million, said a release.

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"Current cloud storage prices are not economical, reaching nearly $1,000 a month on average. We are in the midst of a storage revolution whereby businesses are in need of a much more cost-effective option, however, current providers are stymied by the limitations of traditional, centralized datacenter approaches for cloud storage and backup," said Matthew J. Schiltz, CEO, Symform.

Symform is the first in the cloud storage industry to offer up to 200GB of free storage, and has disrupted the industry by creating a global, peer-to-peer data storage network that allows users to contribute unused, local storage in exchange for free or flat fee cloud storage, added the release.

"This enormous market opportunity has set the stage for Symform's disruptive, global peer-to-peer storage network, which is offered at a revolutionary low flat fee for unlimited and secure cloud storage. It is this unprecedented value proposition that is fueling our tremendous growth," he added.