Backupify, a cloud-based provider of online backup services for cloud application data, has secured US$ 9 million in Series C funding from security solutions provider Symantec Corp. as well as existing investors Avalon Ventures, General Catalyst Partners and Lowercase Capital. Backupify says it will use the funds to accelerate the development and adoption of its backup solutions and also to develop new online services.
Backupify Spreads its Wings
This latest round of funding continues the company’s ongoing process of spreading its wings in the data backup marketplace. In a corporate blog posting, Backupify CEO Rob May describes how in the past year Backupify has made investments in its enterprise SaaS platform including the introduction of service level agreements, external third-party testing and “numerous” features for larger enterprises.
In addition, May says the company has released tools to make the platform more compatible with Salesforce.com and Google Apps, and is evaluating support for SaaS services including Box.net, Evernote, Dropbox and Office 365.
Symantec Takes Interest in Data
Backupify, which has been in business for three years, claims to back up more than 300 terabytes of data for more than 5,000 clients. According to a press release, this “rapid growth” attracted the interest of Symantec.
Beyond press release statements, recent Symantec activity supports the notion that the security solutions provider is taking a very active interest in the value data provides and how helping manage data can provide profits. For example, a Symantec survey released late last month indicates companies estimate that 49 percent of the value of organizations is derived from the information they own, and losing that information can cause problems including lost customers and revenue and brand damage.
Although global spending on information management equals US$ 1.1 trillion, with a substantial increase in the volume of data stored expected this year, most companies still struggle with information management. Forty-two percent of data stored is duplicate data, and 69 percent of businesses have lost data in the past 12 months.
These figures certainly make protecting and managing data seem like a very lucrative market. No wonder that in addition to this new investment, Symantec has taken other steps into the information management space this year.
These steps include acquiring hosting archive services provider LiveOffice and releasing an intelligent information governance solution in January, releasing Data Insight v 3.0 in March, and introducing disaster recovery as a service for the Microsoft Azure cloud service in June. Backupify is spreading its wings in the data backup marketplace, and Symantec appears to be as well.