CloudMine Series A Financing

CloudMine: Fueling the transformation of how people consume and interact with enterprise data

Posted by | March 12, 2015

We are excited to welcome CloudMine to the Safeguard family. We believe that Brendan McCorkle, Marc Weil, Jay Hershman and the rest of the team have an opportunity to build the next big enterprise software company right here in Philadelphia.

CloudMine has been able to build a market-leading, differentiated platform in a rapidly growing and competitive space due in large part to the support of a burgeoning local early-stage technology ecosystem that includes Ben Franklin Technology Partners of Southeastern Pennsylvania, DeSimone Group Investments, DreamIT Ventures, MentorTech Ventures, MissionOG, Mid-Atlantic Angel Group, and Robin Hood Ventures.

So for Safeguard, why CloudMine?

Simply put, CloudMine capitalizes on a significant macro shift in how people consume and interact with data (Hint: it’s about mobile and connected devices) as well as the realities of existing enterprise IT infrastructure. It is extremely difficult to deliver enterprise data to applications in a secure and compliant way to the edge of the network. CloudMine addresses these issues in a clean, developer friendly, and high-performance fashion.

Several successfully-exited middleware companies (e.g. BEA Systems and WebMethods) were built during the PC revolution of the 1990s when computing moved from mainframe to the PC. Today, the “edge” has shifted rapidly from desktop PC to mobile. The market opportunity in this next transformative shift is even larger as the number of devices has increased exponentially. Cisco reports that global mobile devices and connections in 2014 grew to 7.4 billion and expects this number to reach 11.5 billion by 2019—compared to 540 million PCs in use in 2000 according to IDC. In addition, it’s already been over a year since mobile devices overtook PCs in terms of Internet traffic in the U.S.

CloudMine’s platform and strategy have evolved significantly since the company’s inception in 2011. Over the past 12 months—armed with a proven product—CloudMine has focused on selling to enterprises in industries where security and compliance are paramount, including healthcare, financial services and retail. With significant early traction of over 20 enterprise customers and continued in-production battle testing of the platform, the time is now for CloudMine to capitalize on this significant market opportunity and its great product.

On March 3, 2015, we announced that Safeguard led a $5 million Series A financing for CloudMine. This first round of institutional financing will expand CloudMine’s sales and marketing footprint; enhance further growth and development within CloudMine’s Infrastructure-as-a-Service and Platform-as-a-Service partners—Rackspace, Apprenda and CenturyLink; and further enhance CloudMine’s technology.

In addition to the business reasons above and CloudMine’s fit within Safeguard’s enterprise IT infrastructure deployment strategy, we are equally excited at this chance to partner with Philadelphia entrepreneurs and Philadelphia capital providers to build a world-class enterprise software company in our own backyard.

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