Axcient, a provider of cloud-based Recovery-as-a-Service (RaaS), has announced $25 million in funding, further validating the demand for its “powerfully simple” Business Recovery Cloud platform. Analysts expect the RaaS market to explode over the next several years, projecting compound annual growth of 56 percent.
“Our momentum is accelerating as companies continue to realize the business advantages of the cloud,” said Justin Moore, CEO at Axcient. “The participation of our existing investors is a strong validation of our technology, the opportunity ahead of us and our business model. We’ll be using the funding to expand our sales and marketing teams to meet the strong customer demand, and we’ll also be building out a new channel strategy and partner program in the immediate future that will significantly change the way SaaS is sold.”
The investment is led by Industry Ventures, with participation from existing investors Allegis Capital, Peninsula Ventures, Scale Venture Partners and Thomvest Ventures. Axcient will not only use the round to invest in sales and marketing and its reseller compensation program, the company also expects to nearly double its R&D team to continue to drive innovation on its flagship Business Recovery Cloud.
Axcient’s recent corporate, customer and product milestones include:
- More than 50 percent growth in total new customers signed in 2014.
- Acquisition of DirectRestore, a granular recovery technology provider that was integrated into Axcient’s core technology to provide customers with faster, more granular recovery options and a reduced storage footprint.
- New and expanded strategic partnerships with Chartec, Ingram Micro, Softchoice and SHI International.
- Expansion of sales force with the opening of a new office in Austin, Texas.
- 54 percent growth in total employee headcount.
- More than 30 new releases and improvements to the Axcient Business Recovery Cloud in 2014, the latest of which would improve performance by up to 9x, allowing businesses to significantly reduce their Recovery Point Objectives (RPO) and failover systems instantly.
- The release of Axcient’s Second Generation Virtual Appliance would further provide customers with double speed and flexibility, reducing backup times by 50 percent or more.
Companies use Axcient to replace legacy backup, server replication, disaster recovery and archiving products, with a single integrated platform that mirrors an entire business in the cloud. The company is headquartered in Mountain View, California.