Symform today announced that it has closed $8 million in a Series B round of financing to support global expansion of the Symform Cloud Storage Network. The funding was led by WestRiver Capital with participation from existing investors OVP and Longworth Venture Partners.
Symform has reserved up to $3 million in the series to add a strategic investor in 2012, which could bring the total Series B round to $11 million. As part of the investment, Erik Anderson of WestRiver Capital joins the Symform Board of Directors.
Symform provides a peer-to-peer network for data storage, where users contribute excess local storage to the network in exchange for free or flat fee cloud storage. The company says it has active users in 138 countries,and that the number of devices and data files stored on the Symform network jumped by more than 50 percent in the first quarter of 2012.
"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.
With its Series B funding, Symform has now raised $20 million. The company also announced the launch of a new Advisory Board featuring industry leaders and technology experts. The board includes 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.