Cloud Storage Provider Intronis Gets New Funding Round To Expand Business2:53 PM EST Mon. May. 07, 2012
Cloud storage provider Intronis just closed an internal round of funding aimed at helping continue its fast growth through solution providers and MSPs.
The $2.938-million round included funds from the company's existing investors as well as from its newest investor, the Boston-based company's CEO Kent Plunkett.
Plunkett, who joined Intronis in November 2010, said the company has grown fast in the past few years, and that it is important to have enough capital to fund both growth and innovation going forward.
"By market share, Intronis is functionally the leader in the delivery of file-based backups to SMBs through the channel," he said. "So it was easy to convince myself and the other investors to invest in the company. Anyone not investing in innovation for the future won't last."
Intronis is currently working with about 2,900 MSPs around the world who use the company's technology to offer cloud-based backup and recovery of file-based data, Plunkett said. The company's business has grown over 50 percent per year over the last five years, he said.
Intronis has a lot of competition in the cloud backup and recovery market, Plunkett said.
"There are a lot of companies, and a lot of alternatives," he said. "But the biggest alternative remains any company that continues using on-premise backup or...tape or USB drives for backup. Most of our business is coming at those technologies' expense."
With the new round of funding, total investment in Intronis now stands at about $8 million.