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Symform raises USD4m led by Longworth Venture Partners

Symform, a company in the backup and disaster recovery segment, has closed a USD4m financing led by Longworth Venture Partners.

OVP, Symform’s original venture investor, also participated in the round.

As part of the financing, Longworth’s Nilanjana Bhowmik will join Symform’s board of directors.

“Symform’s unique cloud storage technology puts premium value on commodity hardware residing in millions of business locations worldwide while giving IT resellers a ‘must have’ offering for their SMB customers,” says Bhowmik. “We love Symform’s disruptive market position and we’re confident in its future success.”

With nearly 1,000 reseller partners in North America, Europe and Asia Pacific, Symform continues to accelerate customer acquisition and shift resellers away from traditional online storage services. The company expects to double its growth in 2010.

The Symform Cooperative Storage Cloud enables small businesses to implement a backup and disaster recovery solution that is more secure, ten times cheaper, and ten times faster than traditional online backup services.

“Symform continues to deliver on its mission to protect the data of SMBs worldwide and we’re doing this with a dedicated and enthusiastic base of reseller Partners,” says Praerit Garg, president and co-founder of Symform. “Version 2.0 incorporates key features and functions that our Partners have requested since our debut in October 2009. These are truly game changers for this market and we’re thrilled at the early feedback. It is exciting and rewarding to see that our vision, team, and execution continue to resonate with investors even in a tough capital climate. We look forward to working with Longworth and OVP, as our investment partners, to help propel Symform on its successful trajectory.”

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