Intronis: Cloud Backup Provider Raises $12 Million

Intronis, a cloud backup provider, has raised $12 million in new funding — this time from Greenspring Associates (a new investor); existing backer OpenView Venture Partners; and Intronis’ own executive team.

The move comes at an intriguing time: Intronis, which offers cloud-based backup services to VARs and MSPs, is searching for a new CEO, and some BDR (backup and disaster recovery) rivals have stumbled in recent months. Plus, GFI Software — which may wind up competing with Intronis in some areas — has filed to pursue an IPO (initial public offering).

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. On a somewhat related note, Intronis has announced cloud backup support for VMware and virtualized environments, a move that won huge applause from MSPs attending IT Nation, a channel conference hosted by ConnectWise in Orlando, Fla.

Of big-time interest: John Avirett, principal, Greenspring Associates, mentioned Intronis’ focus on MSPs as a key secret to the company’s success. 

Intronis has been growing rapidly, landing on the annual Inc. 5000 list earlier this year. But in September the company announced CEO Kent Plunkett had exited to pursue new opportunities. (I’m checking to see if Plunkett maintains his own stake in the company.) It was the second Intronis CEO change in the past year or two. Jay Bolgatz, formerly VP of engineering and development, has been serving as interim CEO since Plunkett’s exit.

The cloud storage and BDR markets are both growing and consolidating. Doyenz — a BDR specialist — exited Europe earlier this year and had layoffs before Persistent Systems acquired the company and/or its technology. 

Meanwhile, Intronis has $12 million in new financial backing. The big question: Will a new CEO follow soon, or will Bolgatz drop the “interim” portion of his CEO title? Talkin’ Cloud is watching.