Scale Venture Partners Invests $15.5M In SMB Data Protection Vendor AxcientBy end of 2011, Axcient expects to be managing 2 billion customer files
MOUNTAIN VIEW, Calif., Oct. 3, 2011 /PRNewswire/ -- Axcient, the award-winning
innovator of comprehensive data backup, business continuity, and disaster
recovery services to the Small and Mid-Sized Business (SMB) market, today
announced that it has raised $15.5M in new funding. The Series C round was led
by Scale Venture Partners with previous investors Allegis Capital, Peninsula
Ventures, and Thomvest Ventures participating, bringing the company's total
funding to date to $33.5M. Rory O'Driscoll, managing director, Scale Venture
Partners, joins the board with this investment.
Axcient is transforming the way SMBs protect, access and restore their data and
applications, and is seeing widespread migration away from traditional software
and hardware solutions, such as the combination of Symantec BackupExec with tape
or NAS, to Axcient's hybrid cloud platform. In 2010, Axcient achieved close to
800% revenue growth and for 2011 the company is on track to grow recurring
revenues by 400% over the previous year. By the end of 2011, Axcient expects to
be managing two billion customer files and over 100,000 customer laptops and
servers. In addition to its rapidly growing customer base, Axcient has added
close to 1,000 partners across North America including larger strategic
partnerships with companies such as HP. Axcient has also announced numerous
major platform enhancements over the past year, including numerous integrations
with leading remote monitoring and management (RMM) platforms and professional
service automation (PSA) tools.
"With this new infusion of capital combined with the rapidly growing adoption of
our platform, Axcient is positioned to transform an industry that has been
dominated by legacy players for almost two decades," said Justin Moore, founder
and CEO, Axcient. "We are planning to aggressively expand our service and
provide SMBs with even simpler ways to access their data and applications from
any device. We want to bring Axcient to SMBs around the world and, following our
successful launch into Canada earlier this year, we will be expanding into
Europe in 2012."
In addition to expanding its platform, Axcient plans to triple its sales and
marketing department and aggressively target the millions of businesses that
still rely on legacy tape systems to protect their data. Axcient currently
employs more than 80 people and expects to more than double its team over the
next 18 months.
In today's competitive landscape, SMBs cannot afford to lose valuable uptime or
dedicate limited resources to manage complex or cobbled together business
continuity and disaster recovery solutions. With Axcient, SMBs are able to meet
the challenges of protecting their data and maintaining total uptime with a
single, easy to use platform that combines the best elements of an on-premise
solution with the cost-savings of cloud computing.
"We have a long track record investing in companies that deliver a high-powered,
cost-effective Software-as-a-Service solution (SaaS) to their customers while
disrupting incumbents," said Rory O'Driscoll, managing director, ScaleVP.
"Axcient is ideally situated to lead the next generation of data backup and
business continuity in the SMB market, and disrupt an industry that has been
dominated by outmoded solutions for too long. The company's proven track record
and rapid growth has positioned it as the clear leader. We are thrilled to lead
this new round of funding to support Axcient's future growth."
In addition to this recent investment in Axcient, ScaleVP's portfolio includes
Box.net, DocuSign, ExactTarget, Hubspot, LiveScribe, RingCentral and Vitrue.
"Even at a time when the economy faces continued uncertainty, Scale Venture
Partners has recognized the significance of the Axcient vision and supports our
industry-leading platform," said Moore. "While we did not need additional
funding, we didn't want to pass up the opportunity to add a great partner and
firm to our team. This investment will accelerate our strategy, power our
continued growth, and offer us increased opportunities to service our customers
and expand our award-winning offerings. We are excited to have Rory join the
Axcient has been recently honored with more than 10 prestigious industry awards
for its innovative technology and channel-focused business model, including HP's
Technology Partner of the Year Award, CRN's Emerging Vendor of the Year Award,
Red Herring's Top 100 Award, and Business Solutions Magazine's Best Channel
Product and Best Channel Vendor Awards.
Axcient delivers a unified platform for backup, business continuity, and
disaster recovery that offers unprecedented ease of use and uptime to the SMB
market. Built from the ground up as an all-in-one solution, Axcient combines the
best elements of an on-premise solution with the cost savings of a cloud-based
service. With over a petabyte under management, Axcient helps thousands of
companies protect their data and stay up and running, including those in heavily
regulated industries such as healthcare, legal, and financial services. To learn
more, visit www.axcient.com and follow us on Twitter, Facebook, and our Blog.
About Scale Venture Partners
Based in Foster City, California, the ScaleVP team is a long-standing
partnership with a consistent, top quartile track record of returns. The ScaleVP
team's collaborative and active approach provides entrepreneurs a competitive
advantage for growth and category leadership. Representative portfolio companies
include Alimera Sciences, Box.net, Brightroll, Docusign, Everyday Health,
ExactTarget, Hubspot, IPC The Hospitalist Company, mBlox, NComputing, Omniture,
and ScanSafe. For more information, visit www.scalevp.com.