Syncplicity Successfully Closes Funding Round
Investors Endorse Online Data Management Company’s Unique Ability to Go Beyond Syncing, Bridging The Gap Between PCs, Web Apps and Mobile Devices
SAN FRANCISCO, October 31, 2008 – Syncplicity, a leading online data management provider, announced today that it successfully closed its post-seed funding round in the amount of $2.35 million
led by Silicon Valley-based True Ventures and other private investors. Syncplicity plans to use the funds to accelerate enhancements and extend functionality of its flagship offering as well as
speed the growth of its customer base.
Despite a more challenging investment environment, Syncplicity was one of the few early-stage startups that won the endorsement of investors, successfully securing its financing. According to the
MoneyTree™ Report from PricewaterhouseCoopers and the National Venture Capital Association based on data provided by Thomson Reuters, venture capitalists invested $7.1 billion in the third quarter of
2008, reflecting a 7 percent decrease compared to the second quarter. Internet-specific companies received $1.1 billion in the third quarter, a 36 percent decline in dollars over the second quarter of 2008.
Syncplicity represents a new breed of online tools in an emerging category known as online data management that specializes in managing "active data" (data and files that are constantly
changing, frequently updated, or simultaneously worked on by multiple users). These newer solutions differ from traditional data resource management solutions, which specialize in managing
"passive" data backup and storage (intermittent, fixed schedule backups while connected to a corporate network). The company’s offering is unique in its ability to sync beyond
computers, bridging the gap to web applications as well as mobile devices. Syncplicity helps businesses manage and safeguard their active data in a fully hosted solution, at a fraction of the
cost and none of the complexity of traditional software and hardware systems.
"We’re very focused on the team that we invest in and felt that Leonard Chung and his co-founders have what it takes to succeed in today’s entrepreneurial market. Syncplicity’s offering
provides superior functionality that will appeal to businesses such as the ability to integrate with web applications and mobile devices, as well as adherence to open, web-based standards and
industry standard protocols. We believe Syncplicity is best positioned to emerge as the dominant player in this space," stated Phil Black, Co-founder, True Ventures.
"As the only active online data management solution able to meet the needs of small to medium-sized businesses, Syncplicity is committed to providing our customers with effortless access
to their data no matter how or where it is stored," stated Leonard Chung, Co-founder and CEO of Syncplicity. "The investment from True Ventures is strong validation of Syncplicity’s
unique ability to deliver robust functionality that goes beyond current consumer-focused solutions, which fall short of supporting key business requirements, as evidenced by the fact that
Syncplicity is gaining solid traction from companies."
About True Ventures
Based in the Silicon Valley, with offices in Palo Alto, CA, San Francisco, CA, and Great Falls, VA, True Ventures invests in promising entrepreneurs at the earliest stages in the
highest-growth segments of the technology market. The partners at True Ventures have started over ten companies as founders, and the venture firm is designed by entrepreneurs, for
entrepreneurs. The firm clearly understands both opportunities and challenges in the earliest stage of development and provides young companies with a powerful, seasoned partner.
True Ventures has raised two venture capital funds to date and manages $375 million in limited partner capital. For more information, please visit
www.trueventures.com.
About Syncplicity, Inc.
Based in San Francisco, CA, Syncplicity is the only all-in-one, turnkey service that offers an easy way to safeguard electronic files and data with continuous syncing, backup, and sharing
and is the only one that can integrate with web applications and mobile devices. Syncplicity was founded with a simple vision: computers should empower users, not slow them down. The company’s
goal is to create a new way of managing files to liberate companies and people from worrying about how and where their data is stored. Leading publications and blogs have praised Syncplicity’s
product as the top product in online data management. For more information, interested parties may visit www.syncplicity.com.
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Press Contact:
Carmen Hughes
Ignite P.R.
W: 650.592.1768
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