In Business Recovery Cloud, Axcient Raises $25 Million

Axcient, Inc. announced $25 million in funding, further validating the demand for its Business Recovery Cloud platform.

Analysts expect the RaaS market to explode over the next several years, projecting compound annual growth of 56%.
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The investment is led by Industry Ventures, with participation from existing investors Allegis Capital, Peninsula Ventures, Scale Venture Partners and Thomvest Ventures.

In addition, Silver Lake Partners with $23 billion in combined assets under management, provided a significant debt financing facility.

Axcient will use the round to invest in sales and marketing, and to finance a reseller compensation program, SaaS:FLO. In addition, Axcient expects to nearly double its R&D team to continue to drive innovation on its Business Recovery Cloud.

Axcient’s recent corporate, customer and product milestones include:

• More than 50% growth in total new customers signed in 2014.
• Acquisition of DirectRestore, a granular recovery technology provider, 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, TX.
• 54% growth in total employee headcount.
• Recognition by CRN for the publication’s Top 50 Midmarket IT Vendor Executives for 2014, Most Powerful Women of the Channel and Top Channel Chiefs, as well as by Silicon Valley Business Journal’s Women of Influence and Business Solutions’ Best Channel Vendor.
• More than 30 new releases and improvements to the Business Recovery Cloud in 2014, the latest of which improves performance by up to 9x, allows businesses to dramacally reduce their RPO and failover systems instantly.
• The release of Axcient’s Second Generation Virtual Appliance provides customers with double speed and flexibility, reducing backup times by 50% or more.

Axcient is re-architecting the way companies protect, access, and recover data and applications by delivering a Business Recovery Cloud that is powerfully simple. Developed in the cloud, for the cloud, it goes beyond backup and mirrors an organization’s entire business in the cloud, including emails, files, applications, OSs and all of the interconnected elements of a network, to ensure that core business functions are never interrupted.

“Our momentum is accelerating as companies continue to realize the business advantages of the cloud,” said Justin Moore, CEO, Axcient. “The participation of our existing investors, as well as new partnership with industry ventures and Silver Lake, 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 change the way SaaS is sold.“