Customers can restore lost data over the Internet or via an encrypted hard drive sent to their location, he said. Dornquast contrasted that to a service like that of Carbonite, which charges $5 per month per computer for unlimited capacity.Ĭode 42 also provides cloud seeding, which includes sending a hard drive to a customers location to do the initial backup of files instead of doing that initial backup over the Internet. The company's most basic plan starts at $6 per month for unlimited cloud storage capacity for all of a family's PCs, including the PCs of children attending college away from home. Most business is done direct with customers, with a minority of revenue coming from service provider partners. The company has separate CrashPlan offerings for consumer, SMB, and enterprise customers. The funding is not to establish a new company, but an investment for us to grow faster."Ĭode 42 currently manages over 100 petabytes of data globally, and currently backs up about 250 million new and unique files per day, which does not include revisions to files previously backed up to its cloud, Dornquast said. But traditional venture capital terms are hard to apply here. And so this is technically a Series A round of funding.
"We've been profitable since our founding in 2001. "You don't see too many companies raise this much capital in their first round," he said. Code 42 Software, which developed and launched the CrashPlan series of consumer, SMB, and enterprise cloud storage and disaster recovery offerings, now has an extra $52.5 million in the bank thanks to its first round of venture capital funding.Ĭode 42, which was founded in 2001 and has been profitable ever since, plans to use the new funding to expand its business globally, said Matthew Dornquast, co-founder and CEO of the Minneapolis-based company.ĭornquast called the $52.5 million funding round unusual for several reasons, not the least of which is the fact that the cloud storage company is profitable and growing.
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