Mountain View-Based Bitcasa Secures $7 Million in First Round

Mountain View, Calif. -- Bitcasa, a Mountain View-based provider of cloud storage services, said on Wednesday it has raised $7 million in its first round of funding, co-led by Pelion Venture Partners and Horizons Ventures. Andreessen Horowitz, First Round Capital, CrunchFund and Samsung Ventures also participated in the round, which increased the company's total backing to $9 million. The company said it will use a portion of the funds to accelerate growth, hasten the release of upcoming storage and data management offerings and expand sales and marketing activities. Bitcasa's service uses client-side encryption, compression and deduplication technologies to integrate infinite storage into all devices. For $10 a month, users can store, sync, backup and send infinite amounts of data without worrying about management and capacity constraints. The company's service is now officially in open beta, and users can sign up at the top link below.
http://www.bitcasa.com
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