Bitcasa, a US-based technology company which provides cloud storage for consumers, has raised $11m supplemental series A funding led by existing investors Horizons Ventures, the Hong Kong based investment firm of Mr. Li Ka-shing, and venture capital firm Pelion Venture Partners.
The funding will be used to accelerate product development and to pursue international expansion.
The supplemental funding brings Bitcasa’s funding up to a total of approximately $20m, having previously raised $8.5m from investors including Samsung Ventures, the venture capital subsidiary of South Korea-based electronics conglomerate Samsung, and venture capital and investment firms Horizons Ventures, Pelion Venture Partners, Andreessen Horowitz, First Round Capital.
Bart Swanson, Bitcasa board member, said: “Bitcasa has had a strong growth rate with high paid conversions that shows consumers are increasingly looking for a new way to store their digital belongings. This funding will help Bitcasa quickly scale across both the consumer and SMB markets, as well as take advantage of its growing demand overseas.”
Brian Taptich, chief executive officer of Bitcasa, said: “Now that the Bitcasa Platform has reached a new level of maturity we want to accelerate adoption and enable consumers, developers and small businesses around the globe to take control of their belongings and use it in whatever way they choose.”
According to Gartner, family household digital content is expected to increase from 464 gigabytes to 3.3 terabytes by 2016.