Symform is a Seattle, WA-based provider of a distributed and crowdsourced cloud storage and backup service for mid-market customers and IT resellers. Its product lets businesses on the network contribute excess local drive space to a global grid in exchange for reliable cloud data backup. Before data leaves the source device it is encrypted and shredded, redundancy is added, and data is geo-distributed across the network. The company intends to use the new funding for product development and to accelerate adoption of its product. Symform's Series B totaled $11m and included Second Century Ventures, Longworth Venture Partners, OVP Venture Partners and WestRiver Capital. Matthew J. Schiltz serves as CEO. Symform operates a global, peer-to-peer data storage network that allows users to contribute unused local disk space and receive cloud storage in return. The service offers up to 200GB of free storage and users choose how much storage to contribute; they can earn up to 200GB for registering, contributing and referring others. The company positions its product as a distributed alternative to traditional cloud backup by pooling participant storage resources. Leadership includes co-founders Praerit Garg (President) and Bassam Tabbara (CTO) and CEO Matthew Schiltz. Symform is based in Seattle, WA. As of the article, the company was actively funding growth through recent investment activity. Symform offers the Symform Cooperative Storage Cloud, a backup and disaster-recovery solution that aggregates excess storage capacity from participating small-business computers and transforms it into a secure global storage system. The technology relies on a proprietary RAID-96TM approach and software that leverages idle storage, 24×7 power and off-peak bandwidth. The company positions the product as a cheaper, faster and more secure option for small-business backups. Symform currently partners with nearly 1,000 resellers across North America, Europe and Asia/Pacific. The recent $4M financing is intended to support continued worldwide customer acquisition. The company described its Cooperative Storage Cloud in an official press release reported by FinSMEs.

Total raised

$17M

Funding rounds

3

Latest round

Series B

Latest activity

Jan 2013