Axcient Secures $9 Million in Second Round of Funding

Axcient, Inc., provider of data backup, business continuity, and disaster recovery services for Managed Service Providers (MSPs) and their SMB customers, has completed its Series B funding of $9 million.

Thomvest Ventures led the round and Axcient’s existing investors, Allegis Capital and Peninsula Ventures, also participated. Axcient’s total funding to date is $17 million. The company, which also announced record growth in Q2 2010, will invest the capital in enhancing its suite of data protection services and expanding its sales and marketing teams to help fuel its rapid growth.

"We are in the midst of a major shift in the way SMBs think about data protection. With compounding storage growth, increased reliance on data and applications, and shrinking IT budgets, SMBs are looking for alternative ways to protect their data and ensure they stay up and running no matter what happens," said Justin Moore, CEO of Axcient. "Axcient is the first company to combine the key elements of data protection – backup, continuity, and disaster recovery – in a single unified platform offered as a monthly service. The Series B funding will give Axcient the resources to continue our mission of delivering the industry’s most comprehensive data protection and business continuity service for the SMB market and will enable us to scale our operations so that we can provide the highest level of service to our customers."

In conjunction with the Series B funding, Don Butler, Managing Director of Thomvest Ventures, will join Axcient’s board of directors alongside current board members Pete Bodine, Steve Lewis, Justin Moore, Thomas T. van Overbeek, and Greg Robinson. "For over a decade Thomvest has been supporting entrepreneurs and startups that have the potential to fundamentally disrupt the status quo," said Don Butler. "Axcient is establishing a leadership position by challenging and redefining traditional data protection, and is poised for aggressive growth. I look forward to working with Justin and his team as the company continues to build market share."

With the power of one vendor, one platform, one interface, Axcient delivers an unified platform for backup, business continuity, and disaster recovery that offers ease of use and uptime to the SMB market. By combining the best elements of an on-premise solution with the cost-savings of cloud computing, Axcient is able to offer enterprise level functionality at SMB price-points. The Axcient service is currently being sold and managed by hundreds of managed service providers across North America and is protecting close to 20,000 devices in SMB environments.