Axcient: $20M Series D Funding for Cloud Business Continuity
Axcient Corp. has raised $20 million in Series D funding, CEO Justin Moore confirmed to MSPmentor this evening. The cloud backup and business continuity company has now raised more than $50 million, and is setting its long-term sites on disrupting the traditional on-premises backup industry.
“We are in a market that's ripe for disruption,” Moore told MSPmentor. “We think there are opportunities to be a billion-dollar player in this market.” That means engaging more MSPs… and VARs as well.
Although Axcient has not disclosed its exact revenues for 2012, the company seems to be taking a long-term view on the management side of the house. Recent hires have either involved executives who have been through IPOs, or management team members who have worked for midsize and large enterprises like Cisco Systems, Dell and Hewlett-Packard.
Axcient's cloud now manages and protects 10 billion files and applications, and the platform has evolved from backup to archiving and now “it's all about business continuity” that eliminates traditional hardware and software, Moore asserted.
Axcient expects to end 2013 with 60 to 70 engineers working on R&D, and the company expect to announce some “ground-changing things” over the next few months. Recent business deals have also scaled higher, with annual engagements topping six figures in many cases, he noted.
During the Tech Data TDCloud conference last week, industry consultant Howard M. Cohen noted that storage is the top opportunity for VARs and MSPs heading to the cloud. But despite the market growth, MSPmentor has been expecting some sort of market shakeout because there are now so many cloud storage providers chasing MSPs and VARS.