Intronis Receives $12M in Funding
BOSTON, MA, Leading provider of cloud backup solutions for the IT channel, today announced the company received $12 million in funding.
Intronis, Inc., the leading provider of world-class cloud backup solutions for the IT channel, today announced the company received $12 million in funding led by new investor, Greenspring Associates, with participation from OpenView Venture Partners and the company's executive management team.
Interim CEO Jay Bolgatz said Intronis will use the funding to hire additional associates, drive greater technology innovation and expand the company's market reach in the U.S. and abroad. "This is a tremendous opportunity for Intronis to build on the success of our technology and further support our channel partners with the industry's leading cloud backup and recovery solution and support," explained Bolgatz.
"We have been paying close attention to Intronis over the last few years, and are very impressed with the company's leadership and consistent execution, as well as its innovative technology, exceptional partner satisfaction rating and year-over-year sales growth," said John Avirett, principal, Greenspring Associates. "Intronis' proven success and relentless focus on delivering a high-quality, highly reliable solution to the managed service provider (MSP) market positions the company for sustainable growth, and we are pleased to play a role in its future."
"Intronis' go-to-market strategy for cloud data protection is rock solid, and we look forward to working with Greenspring as we continue to enhance the company's dominant position with MSPs," said George Roberts, Intronis board member and venture partner with OpenView Venture Partners. OpenView initially invested in Intronis in 2007.
Founded in 2003, Intronis has experienced strong growth, more than doubling its revenues in the last two years. The company is set to announce general availability of its Fall Release later this month. The new release supports virtual machines and cloud-based infrastructure, enabling channel partners to streamline the overall management of online backups for multiple virtual machines across several servers to the cloud, as well as on premise locations, and establish profitable, recurring revenue streams.
"Cloud-based data backup and recovery has become an essential solution for businesses and consumers," explained Bolgatz. "This funding, combined with the upcoming launch of our Fall product release, will create unstoppable momentum that further enables Intronis and our channel partners to capitalize on the global market's increasing need for reliable backup and recovery services."
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About Greenspring Associates
Established in 2000 as a global venture capital firm, Greenspring Associates currently manages both a dedicated late stage direct investment platform as well as a globally diversified fund-of-funds platform. Since inception, the Firm has invested in over 55 portfolio companies alongside of its leading venture capital and growth equity managers both in the United States and Europe. Through the Firm's value-added investment approach, it primarily invests across the information technology and communications stack, as well as healthcare and energy-related technologies. The Firm currently manages over $2.2 billion in committed capital for a diverse group of pension plans, insurance companies, foundations, endowments and family offices in North America, Europe, Middle East, Australia and Asia.
About OpenView Venture Partners
OpenView Venture Partners is an expansion-stage venture capital fund based in Boston that is focused on high-growth software, Internet, and technology-enabled companies. Through its staff of seasoned operating executives, who collectively bring several decades of technology and management experience to the firm, OpenView is able to help portfolio companies quickly optimize their product, go-to-market, and organizational and operational functions. Founded in 2006, the firm invests globally and has approximately $440 million in total capital under management.
Intronis Cloud Backup and Recovery is a world-class cloud backup solution for the IT channel. Intronis provides the industry's easiest to use secure data solution for offsite and local backup, which generates a monthly recurring revenue stream to add to your business. Intronis offers the best, deepest Exchange, SQL backup on the market, U.S.-based customer support, and is also integrated to major solutions in the MSP ecosystem. The solution has been field tested by thousands of MSPs, and the company has been awarded Best Revenue Generator seven times and Best Customer Support twice by members of ASCII.
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