Symform has raised an additional $2 million in funding from WestRiver Capital, OVP Venture Partners and Longworth Venture Partners, bringing total cash raised in the Seattle cloud storage startup to $9 million. The money will be used for business development, marketing and sales.
The company said that its user base grew by more than 800 percent over the last six months, driving a 60 percent quarter-over-quarter gain in license revenue.
The company reeled in $1 million in funding last September, and at the time announced that it was moving into new offices in Seattle. It declined to disclose the number of workers at the company.
Competing against the likes of Box.net, Dropbox and Mozy, Symform said that it offers 200 GB of free storage through its peer-to-peer data storage network. The technology is unique in that it allows users to contribute unused, local storage in exchange for free or flat-fee cloud storage.
“Current cloud storage prices are not economical, reaching nearly $1,000 a month on average,” said Schiltz. “We are in the midst of a storage revolution whereby businesses are in need of a much more cost-effective option, but current providers are stymied by the limitations of traditional, centralized datacenter approaches for cloud storage and backup.”