Cloud storage and backup service Symform has raised $11 million led by WestRiver Capital, with participation from existing investors OVP and Longworth Capital.
The Symform Cloud Storage Network provides businesses with unlimited offsite cloud storage and backup services. Symform says its global network encrypts, shreds, and geo-distributes data, providing a more secure and and higher-performing cloud data storage and backup service. In fact, Symform is a global 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.
Basically, members contribute unused server space equal to the amount they consume in the storage cloud. Symform handles the day-to-day management of network security and administration of the storage cloud.
Symform has active users in 138 countries, up from 46 at the end of 2011. In the first quarter of 2012, the company grew customer accounts by more than 100% quarter-over-quarter, while the number of devices and data files stored on the Symform network jumped by more than 50 percent during the same period.